August 13, 2014 / 12:32 AM / in 3 years

NYMEX-US crude slips for second session on supply pressure

SINGAPORE, Aug 13 (Reuters) - U.S. crude futures fell for a second day running on Wednesday as a well supplied market countered supply disruption risks in Iraq and Libya.

FUNDAMENTALS

* U.S. crude for September delivery eased 13 cents to $97.24 a barrel by 0009 GMT.

* The September Brent oil contract slipped 10 cents to $102.92 per barrel, not far off Tuesday’s trough of $102.65 which was its weakest since July 2013.

* The International Energy Agency said although the situation in several key oil producing countries “remains more at risk than ever”, supplies were ample and the Atlantic Basin was even reported to be facing a glut.

* U.S. crude oil production averaged an estimated 8.5 million barrels per day in July, the highest level since April 1987, the Energy Information Administration said.

* The Obama administration has sent about 130 additional military personnel to Iraq as Washington seeks to help Iraq contain the threat posed by hardline militants from the Islamic State.

* Libyan oil output is around 450,000 barrels per day, down from 500,000 bpd two weeks ago despite clashes between rival armed factions in Tripoli and Benghazi, a spokesman for Libya’s National Oil Company said on Monday.

* A slew of Chinese data including industrial output due later in the day should give further clues on the state of the world’s No. 2 economy. While recent data have pointed to strong manufacturing activity and exports, a weaker services sector and imports suggest more stimulus measures may be needed to ensure a sustained recovery.

* Crude inventories rose by 229,000 barrels in the week to Aug. 8 to 364.2 million barrels, compared with analysts’ expectations for a decrease of 2 million barrels, data from industry group the American Petroleum Institute said. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 469,000 barrels.

MARKETS NEWS

* The euro nursed only modest losses, having regained quite a bit of ground as markets got over a closely watched report that showed a slump in German economic sentiment.

DATA AHEAD (GMT)

0530 China Urban investment July

0530 China Industrial output July

0530 China Retail sales July

0600 Germany Wholesale price index July

0900 Euro zone Industrial production June

1230 U.S. Retail sales July

1400 U.S. Business inventories June

1430 U.S. EIA weekly crude stocks

Reporting by Manolo Serapio Jr.; Editing by Richard Pullin

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