rose oil prices By about 3% in Friday’s trading, to offset most of the declines of the previous session, after the outages in Libya and expected closures in Norway outweighed expectations, with the possibility that the economic slowdown would lead to a decline in demand.
Brent crude futures rose $2.60, or 2.38%, to $111.63 a barrel, while US West Texas Intermediate crude futures rose $2.67, or 2.52%, to $108.43 a barrel.
Both contracts fell about 3% on Thursday, ending the month lower for the first time since November.
Oil prices gave up some gains on Friday after industry data showed US manufacturing activity slowed more than expected last month.
However, lower supplies of crude oil and fuel supported the oil market even as stocks fell and the US dollar rose, which usually has an inverse relationship with crude oil.
And the Libyan National Oil Corporation announced in a statement Thursday, the state of force majeure in the ports of Sidra and Ras Lanuf and the El Feel oil field.
The corporation said that force majeure is still in force in the ports of Brega and Zueitina.
She stated that oil production fell sharply, as daily exports ranged between 365 thousand and 409,000 barrels per day, 865,000 barrels per day lower than production rates under “normal conditions.”
In Norway, a labor union said on Thursday that 74 oil workers at three Equinor rigs announced they would start a strike on July 5, likely halting 4 percent of Norway’s oil production.
The OPEC+ producer group, which includes Russia, agreed to stick to its production strategy after two days of meetings. The group avoided discussing politics from September onwards.
Previously, OPEC + decided to increase production per month by 648,000 barrels per day in July and August, up from a previous plan to add 432,000 barrels per day per month.
A Archyde.com survey showed that OPEC pumped 28.52 million barrels per day in June, down 100,000 barrels per day from the revised total in May.
Thursday’s poll by Archyde.com showed that oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supplies, but economic risks may slow their rise.
India imposed export duties on gasoil, gasoline and jet fuel on Friday to help maintain domestic supplies, while imposing an unexpected tax on oil producers who have benefited from higher global crude prices.