US oil prices fall despite supply disruption

Oil prices edged down slightly on Monday despite supply disruption caused by Middle East unrest. Statistics show that disruptions in Libya, Iraq and elsewhere in the Middle East may reduce over 500,000 barrels per day of supplies from the market. Sudan and other supplying countries may also see less exports in the coming weeks, analysts say. Disappointing U.S. housing data released on Monday also weighed on oil prices. U.S. pending home sales dropped 0.4 percent in June following a revised 5.8-percent increase in May, the National Association of Realtors reported Monday. On Wednesday, the U.S. Commerce Department will release the country's gross domestic product (GDP) figure for the second quarter of this year. Analysts expect the U.S. economy to grow 1.1 percent in the second quarter. The world's largest economy grew at 1.8 percent in the first quarter of this year, which has been revised sharply down from the second estimate of 2.4 percent and the first estimate of 2.5 percent. Moreover, the U.S. Labor Department will release non-farm payrolls report for July on Friday. The Fed will hold a two-day monetary policy meeting starting from Tuesday and release an announcement following the meeting on Wednesday. Investors generally speculated that the Fed would not change its bond-buying program. Light, sweet crude for September delivery went down 0.15 U.S. dollars to settle at 104.55 dollars a barrel on the New York Mercantile Exchange. Brent for September delivery went up 28 cents, to close at 107. 45 dollars a barrel.