Bloomberg News

Brent Crude Pares Gains; New York Oil Trades Near Two-Week Low

September 06, 2011

Sept. 6 (Bloomberg) -- Brent oil for October settlement pared gains to trade at $111.18 a barrel, up 9 cents, on the London-based ICE Futures Europe exchange at 3:06 p.m. Sydney time. The contract earlier climbed as much as $1.01 to $111.09, taking the intraday spread over New York crude to $26.91 a barrel compared with a record $26.96 on Sep. 2.

Crude for October delivery was at $83.51 a barrel in electronic trading on the New York Mercantile Exchange, down 3.4 percent from its Sept. 2 close and headed for the lowest close since Aug. 19. Floor trading was shut yesterday for the Labor Day holiday and electronic trades will be booked with today’s transactions for settlement purposes.

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net


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