Oil steadies amid U.S. Gulf, Libyan production reopening

13.10.2020 - Evdokimov Roman
Oil steadies amid U.S. Gulf, Libyan production reopening

Oil prices steadied in early Tuesday trade, sitting on almost 3% of losses from the last session after production resumed in Norway and the U.S. Gulf and Libya reopened refineries in their largest oilfields.

The output restart came as rising COVID-19 cases in the United States and Europe stirred worries about fuel demand growth. 

OPEC and its allies have helped support prices amid the coronavirus pandemic with production cuts up to 9.7 million bpd. The organization’s market monitoring panel is set to meet next Monday.

U.S. West Texas Intermediate crude futures rose 1 cent to $39.44 per barrel, while Brent crude futures climbed 2 cents to $41.74 per barrel.

Workers are returning to U.S. Gulf platforms following Hurricane Delta’s passage and Norwegian workers are returning to rigs after the strike ended. Investors are focusing on Libya, which lifted force majeure at the Sharara oilfield on Sunday. 

Libya’s total production on Monday was at 355,000 bpd and is set to double once the Shahara field resumes pumping the 300,000 bpd it did before. 

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?