NEWS FEED
Zoom
10:32 19 July
10:27 19 July
TOP 5

Oil rises on Libya force majeure, but demand slowdown holds back market


Oil prices climbed on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets, APA reports quoting Reuters.

 

Brent crude oil futures LCOc1 were at $77.71 per barrel at 0217 GMT, up 41 cents, or 0.5 percent, from their last close.

 

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 57 cents, or 0.8 percent, at $74.51.

 

“The Libyan power struggle between the Tripoli-based National Oil Corp that is internationally recognized and controls the export sales and the NOC-East group based in Benghazi that currently has physical control of the infrastructure ... wipes out the planned increase from the OPEC+ coalition,” said Stephen Innes, Head of Trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Related news releases

VİDEO NEWS

PHOTO NEWS

  • Pompeo: Trump set up communications channel with Russia in H...
  • President Ilham Aliyev met with Managing Director of Wilmott...
+2
EXCHANGE RATE
FOREX
/ 20 July , 2018

USD
1.7
 
EUR
1.9801
 
RR
0.027