Brent holds above $106 as Libya, Iraq violence renews supply worries
By Keith Wallis
SINGAPORE (Reuters) – Brent crude held steady above $106 a barrel on Monday, hovering just off three-month lows, as the potential for renewed supply disruptions put a floor under prices that have been tumbling since the last week of June.
Brent lost $2.01 on Friday to settle at $106.66 a barrel, the lowest finish since April 7. The benchmark lost about 3.6 percent last week, the steepest weekly fall since early January.
Brent crude was down 2 cents at $106.64 by 0645 GMT on Monday after initially falling to $106.27 earlier in the session.
U.S. crude futures fell 38 cents to $100.45, adding to Friday's slide. The U.S. benchmark lost $2.10 in the previous session to close at $100.83 a barrel, its lowest settlement since May 12.
Brent is likely to be trading around $107.50-$108 a barrel by Friday, Seta said. "I don't expect U.S. crude to break below $100 a barrel," he added.