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Price of Brent oil is likely to find a new bottom 11/07/2014 07:58:00

11/07/2014 EtxCapital newswire

Quotes from Commerzbank Corporates & Markets:

-Sooner than expected, the price of Brent oil fell back into its familiar trading range between USD105 and USD110 per barrel. Market relief has been triggered above all by the outlook of growing Libyan supply.

-Libyan daily production should rise to 800 thousand barrels per day within just a few weeks, after standing at around 200 thousand barrels back in June. Moreover, negotiations on Iran's nuclear programme look set to return into focus in coming days.

-A basic agreement shall be reached by 20 July to replace the current interim agreement based on which Iran is allowed to export just 1 million barrels of crude oil per day. Even with Iran heavily reliant on higher oil revenues and the West - against the backdrop of the conflict in Iraq - attaching greater importance to Iran in global policy terms, the negotiating parties are still far apart.

-This is why we believe the interim agreement is ultimately likely to be extended. In that case, the oil price should stick within its range between USD105 and USD110 per barrel, where it has been trading on more than two thirds of the past 260 trading days.