Oil futures continue to slide

By Dow Jones newswires

US oil futures held near multi-month lows on Tuesday as ample oil supplies continued to weigh on the market, while petroleum-product prices bounced higher on expectations of stronger US demand.

Trade is likely to be jittery on the London oil market this week as trade thins ahead of a long weekend in the UK, VTB Capital commodities strategist Andrey Kryuchenkov said. "Brent remains sensitive to any macro headlines," he added.

Front-month September reformulated gasoline blendstock, or RBOB, recently rose 2. 59 cents, or 1 per cent, to $US2. 6819 a gallon.

Light, sweet crude for September delivery recently fell 64 cents, or 0. 7 per cent, at $US95. 77 a barrel on the New York Mercantile Exchange.

US oil prices have slumped 11 per cent since hitting nine-month highs in mid-June, as investors perceived lower risk to oil supplies in Iraq, Russia and elsewhere and focused instead on high supplies.

The more-actively traded October contract rose 6 cents, or 0. 1 per cent, to $US93. 81 a barrel.

September diesel gained 1. 17 cents, or 0. 3 per cent, to $US2. 8177 a gallon.

Read more here: Business Spectator

    

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