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Brent crude held near $97 a barrel on Friday but headed for its biggest monthly drop since April 2013 as rising supplies outweighed fears that U.S.-led strikes against Islamist militants in Syria and Iraq would disrupt oil production. Slowing economic activity in Europe and Asia has dampened demand for oil, while supply is on the rise. Libya's output has reached 925,000 barrels per day (bpd), the highest since militias turned on each other after the overthrow of Muammar Gaddafi. "At the moment, supplies are abundant and demand is weaker," said Andrey Kryuchenkov, an analyst at London-based VTB Capital.
The rising oil supplies are good news for drivers in the U.S., many of whom could see prices drop to below $3 a gallon by the end of the year, some analysts predict.
- Are Gas Prices Headed Below $3 a Gallon?
- U.K. PM Urges Parliament to Back ISIS Airstrikes
- Russia Ready to Support Fight Against ISIS
-- Reuters and NBC News Staff