IPE Brent falls towards $46/bbl as Nigerian tension eases

IPE Brent falls towards $46/bbl as Nigerian tension eases

London (Platts)--4Oct2004


Brent futures on the London-based International Petroleum Exchange fell in
early trading Monday, remaining just above intra-day lows as tensions in
oil-rich Nigeria appeared to be easing, traders said. 

Front-month November IPE Brent was trading at $46.11/bbl at 1010 GMT, 51 cts below Friday's settle, and
26 cts above the intra-day low of $45.85/bbl. "The market could correct
downwards to around a $45.00/bbl level on November Brent," one IPE Brent
dealer said. "The market has been overbought in the run-up to the all-time
highs," he added. Following a government-brokered ceasefire in the restive
Niger Delta, rebel leaders are reported to have offered to withdraw earlier
threats to oil installations in Nigeria, which contributed to push oil
benchmarks in London and New York to all-time highs last week. November Brent
futures closed Friday at $46.62/bbl, the fourth consecutive day that Brent
settled above $46.00/bbl.

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