Brent edges above $110 after 4-day fall, growth woes cap rise
From Reuters
By Manolo Serapio Jr
Brent crude edged up above $110 a barrel on Monday after a four-day decline spurred by persistent worries over a fragile global economy, with supply risks also supporting prices as violence in the Middle East intensified.
Brent lost 4 percent last week and is on track to stretch losses to a second straight month in October amid the global economic uncertainty. But growing violence in parts of the Middle East, which supplies a third of the world’s oil, has helped counter concerns over weak fuel demand.
A softer dollar also aided the oil benchmark for December delivery which gained 0.3 percent to $110.44 per barrel by 0311 GMT, recovering from a session low of $109.47, its weakest since Oct. 4.
U.S. oil was up 0.2 percent at $90.20.
Brent crude’s premium to West Texas Intermediate futures CL-LCO1=R, measured between December contracts, narrowed to less than $20 after widening to more than $24 last week, the biggest in a year.
