Crude oil rose on Friday, with Brent pushing toward $116 a barrel, as Libyan security forces began a violent crackdown on protesters in Tripoli and clashed with rebels near the major oil terminal of Ras Lanuf. Al Jazeera television also reported that an oil facility at Zueitina, south of Benghazi was damaged and on fire. By 1448 GMT, Brent crude futures for April delivery were up 87 cents to $115.66 a barrel, after earlier touching $116.30. US crude futures for April rose $1.27 cents to $103.18 a barrel. The intraday peak was $103.57, the highest since front-month crude hit $106.91 on Sept. 29, 2008, eclipsing $103.41 reached on Feb. 24. “Tension in the Middle East is like a runaway train,” said Michael Hewson, an analyst at CMC Markets. “Once it starts it’s very difficult to stop. And if there is a danger that it impacts the supply chain, people will understandably get nervous.” Barclays Capital analysts said in a note the chances of a swift resolution in areas of tension had reduced considerably. “Libyan oil is likely to be lost to the market for an extended period, tying up considerable amounts of replacement oil in much longer supply chains, and events in Nigeria, Iraq, Iran and Bahrain are likely to provide a continuing backdrop of headline risks,” they said. Investors and traders have been tracking the civil unrest in North Africa and the Middle East for any sign that Saudi Arabia, OPEC’s leading oil producer, would be affected. Libya’s oil output has fallen to 700,000-750,000 barrels per day (bpd) from normal levels of 1.6 million bpd as most foreign oil workers have taken flight, according to Shokri Ghanem, the head of Libya’s state-owned oil company.
GMT 18:55 2018 Friday ,14 December
Libya’s National Oil against paying ‘ransom’ to reopen El Sharara fieldGMT 22:21 2018 Thursday ,13 December
Turkey starts building land part of Turkish Stream pipelineGMT 13:35 2018 Sunday ,09 December
OPEC+ deal to ensure stability of oil price, that is positive for RussiaGMT 14:30 2018 Friday ,07 December
Major oil producers haggle over production cutGMT 13:29 2018 Thursday ,06 December
Major oil exporters mull supply cut amid internal rifts, US demandsGMT 09:30 2018 Monday ,03 December
Qatar says it is withdrawing from OPEC on January 1GMT 21:01 2018 Sunday ,25 November
Oil prices plummet amid U.S. drilling rigs downGMT 17:32 2018 Friday ,16 November
OPEC Basket Price Stood, at over $65.2, on ThursdayMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor