Good news for Brent

[dan_s]

Oil Glut Absorbed by Asia Spells End to Brent’s Collapse

Brent crude’s biggest price-rout in more than a year is coming to an end as the flow of West African crude to Asia helps disperse a glut, banks including Societe Generale SA (GLE), BNP Paribas SA (BNP) and DNB ASA (DNB) said.

A “price floor is forming” close to $100 a barrel for Brent, used to value more than half the world’s oil, as the surplus of Nigerian supplies is whittled away, Societe Generale said in a report today.

Read: http://www.bloomberg.com/news/2014-08-2 ... 8-26406629