oil rises toward 56 on libyan field shutdown syria
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil rises toward $56 on Libyan field shutdown, Syria

Arab Today, arab today

Arab Today, arab today Oil rises toward $56 on Libyan field shutdown, Syria

London - Arab Today

Oil rose toward $56 a barrel on Monday, supported by another shutdown at Libya’s largest oilfield, tension over Syria following the US missile strike and signs that an OPEC-led supply cut is helping to clear excess supplies.
Libya’s Sharara oilfield was shut on Sunday after a group blocked a pipeline linking it to an oil terminal, a Libyan oil source said. The field had only just returned to production, after a week-long stoppage ending in early April.
“It means that at least one potential source of additional supply has fallen away for the time being,” said Carsten Fritsch of Commerzbank, referring to the Libyan outage.
Brent crude, the global benchmark, rose 58 cents to $55.82 at 1332 GMT, not far from the one-month high of $56.08 reached on Friday. US crude was up 55 cents at $52.79.
Oil also climbed on heightened tension in the Middle East, a region that is home to more than a quarter of the world’s oil output. Crude rallied last week after the United States fired missiles at a Syrian government air base.
“The developments in Syria should be factored in as an additional risk premium in the oil price going forward, especially now that oil inventories are drawing down and the market is no longer in massive surplus,” said Bjarne Schieldrop, analyst at SEB.
He expects Brent to average $57.50 in the second quarter, “which means we are likely to see $60 printed at times during this period.”
Oil prices have also been supported by a deal led by the Organization of the Petroleum Exporting Countries to cut output by 1.8 million barrels per day for the first six months of 2017, to get rid of excess supply. Libya, and another OPEC member Nigeria, are exempt from cuts.
In a sign of OPEC confidence that the deal is working, Kuwait’s oil minister said he expected producers’ adherence in March to their supply cut pledges to “be higher than the previous couple of months.”
The minister, Essam Al-Marzouq, also said he saw “positive indications” in the decline of global oil stocks.
However, the price rally has been limited, as oil price gains have encouraged production in other countries such as the United States, filling some of the gap left by OPEC-led cuts.
US drillers added oil rigs for a 12th straight week, Baker Hughes said on Friday, as energy companies boost spending on new production.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil rises toward 56 on libyan field shutdown syria oil rises toward 56 on libyan field shutdown syria

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil rises toward 56 on libyan field shutdown syria oil rises toward 56 on libyan field shutdown syria

 



GMT 06:49 2012 Saturday ,01 September

Lamitta Frangieh on her \'Facebook Romance\'

GMT 08:26 2017 Wednesday ,08 February

Qatar spending $500m a week on World Cup projects

GMT 17:00 2017 Tuesday ,27 June

Saudi Arabia rebuts fake news on Turkey, Israel

GMT 10:31 2016 Monday ,12 December

Second Sydney airport cleared for take off

GMT 05:27 2017 Sunday ,16 April

GIB Capital wins 4 EMEA Finance Awards

GMT 13:58 2016 Friday ,30 December

Australia beat Pakistan to win Test series

GMT 10:07 2017 Monday ,17 April

Mark Hamill would like to play George Lucas

GMT 12:10 2016 Tuesday ,13 December

Over 30 dead as Kenya tanker crashes, explodes

GMT 02:13 2017 Monday ,25 September

December22nd-January20th

GMT 15:39 2017 Tuesday ,03 October

Bangladesh rescues 20 Rohingya held by racket gang

GMT 02:51 2017 Friday ,10 November

Under siege, Syria doctors forced to improvise care

GMT 12:18 2015 Tuesday ,14 July

Russia sack Capello as national team coach

GMT 16:07 2017 Saturday ,26 August

ISIS Claims Attack on Shiite Mosque in Afghanistan

GMT 13:47 2017 Monday ,27 February

China blue chips post worst day in 2 months

GMT 02:56 2017 Tuesday ,25 July

President Jokowi performs Eid Prayers in Padang

GMT 16:21 2017 Tuesday ,03 October

Sisi greets Guinea on independence anniversary

GMT 04:18 2017 Saturday ,16 September

Kim and Kanye expecting third baby via surrogate
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained 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 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday