MTECHTIPS:-Crude oil futures trade near multi-month lows on demand concerns


MTECHTIPS:-Crude oil futures trade near multi-month lows on demand concerns

U.S. oil futures traded near a six-month low on Thursday, while London-traded Brent futures held close to a four-month low on fears Russian sanctions will dampen the global recovery. In retaliation against Western sanctions over its support for rebels in Ukraine, Moscow said on Wednesday that it will ban certain imports from the U.S. and Europe. The move follows a statement by NATO on Wednesday that Russia amassed around 20,000 troops on Ukraine’s border and could use the pretext of a humanitarian or peace-keeping mission to invade. On the New York Mercantile Exchange, crude oil for delivery in September inched down 0.08%, or 7 cents, to trade at $96.85 a barrel during European morning hours. Prices held in a narrow range between $96.83 and $97.14. A day earlier, U.S. oil futures fell to $96.69, the lowest since February 4, after weekly supply data showed that oil inventories fell by 1.8 million barrels last week, much less than the 5.5-million barrel decline reported earlier by industry group American Petroleum Institute. Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery dipped 0.04%, or 4 cents, to trade at $104.55 a barrel. London-traded Brent futures slumped to a four-month low of $104.07 a barrel on August 5.

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