2023-07-14 13:41:15
An oil pump at the Englewood field – Los Angeles
Global benchmark Brent crude prices moved above $81 a barrel on Friday, as sentiment about US demand rose, supported by supply disruptions in Libya and Nigeria.
Brent and West Texas Intermediate crude futures recorded a slight decline after two sessions of rise, but they are on their way to achieving gains for the third week in a row for the first time since April.
Yesterday, Thursday, a number of oil fields in Libya were closed as a local tribe protested the kidnapping of a former minister.
Separately, Shell has halted shipments of Nigerian crude oil due to a possible leak at a terminal.
Tamas Varga, an analyst at BVM, said that the supply disruption in Libya is stopping an estimated 370,000 barrels per day, while the loss from the disruption of Nigerian crude oil shipments is estimated at about 225,000 barrels per day.
price movements
Brent crude futures fell slightly, by 0.22 percent, to $ 81.18 a barrel, by 13:20 GMT.
US West Texas crude futures also fell by 0.31 percent, to $76.66 a barrel.
The slight decline comes despite prices receiving more support from reports issued by the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) yesterday, Thursday, which expected an increase in oil demand in the second half of the year, especially in China, despite unfavorable macroeconomic conditions.
Declining inflation in the US has also given markets hope that the US Federal Reserve is closer to ending its fastest tightening cycle since the 1980s.
Saudi Arabia and Russia, the world’s largest oil exporters, also announced this month an increase in oil production cuts that have been in place since November last year, providing further support for crude prices.
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