Crude prices fall as Libyan production improves, Fed comments weigh

                       Crude oil futures softened on Friday on reports that Libyan production is on the mend, while sentiments that the Federal Reserve still remains on track to begin unwinding stimulus programs pushed down prices as well.
 
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD104.85 a barrel during U.S. trading, down 0.495%. 

The November contract settled down 1.32% at USD105.86 a barrel on Thursday.

The commodity hit a session low of USD104.82 and a high of USD106.11.

Reports that Libyan oil production is on the rise after protesters reopened access to facilities sent oil prices dipping on Friday, as did talk Iraqi output is on the mend as well.

Waning concerns the U.S. will attack Syria also allowed for modest declines.

Elsewhere, St. Louis Federal Reserve President James Bullard said that the U.S. central bank could decide to taper its stimulus program at its October meeting, which also allowed for declines.

Federal Reserve stimulus programs such as its USD85 billion bond-buying program aim to spur recovery by driving down long-term interest rates, which weakens the greenback and in turn, makes oil an attractive buy, especially in dollar-denominated venues.

The Federal Reserve will hold a monetary policy meeting Oct. 29-30 but is not due to hold a press conference then, which left many expecting a decision to taper asset purchases to come in December.

Meanwhile on the ICE Futures Exchange, Brent oil futures for November delivery were up 0.20% at USD108.98 a barrel, up USD4.13 from its U.S. counterpart. - investing.com