Oil prices rise on uncertainty over Libyan crude exports

Eastern Libyan commander Khalifa Haftar's forces have handed control of oil ports to a separate National Oil Corporation (NOC) based in the East of the country.

Oil prices rose on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output continued to drag.


Commodity Market Tips

Brent crude futures, the international benchmark for oil prices, were at $74.95 per barrel at 0104 GMT, up 22 cents, or 0.3 percent from their last close.

US West Texas Intermediate (WTI) crude futures were at $68.33 a barrel, up 25 cents, or 0.4 percent.

Traders said prices were mostly driven higher by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC).

Eastern Libyan commander Khalifa Haftar's forces have handed control of oil ports to a separate National Oil Corporation (NOC) based in the East of the country.

The official state-owned oil company based in the capital Tripoli, also called NOC, will not be allowed to handle that oil anymore, he said.

In comments later confirmed to Reuters, Ahmed Mismari, spokesman of Haftar's Libya National Army (LNA), said on television that no tanker would be allowed to dock at eastern ports without permission from a NOC entity based in the main eastern city, Benghazi.

The uncertainty over Libya's oil exports came after OPEC together with a group of non-OPEC partners including top producer OPEC announced a supply rise of around 1 million barrels per day (bpd) aimed at cooling oil markets.

Oil markets have tightened significantly since 2017 when OPEC and its partners started withholding supply to prop up slumping prices at the time.

"Despite the OPEC agreement (last week) we believe that tight supply is likely to drive oil prices higher during 2018," Jason Gammel of U.S. investment bank Jefferies said in a note

"We expect that Brent prices will be in excess of $80 per barrel in 2H18," he added.

For more such news & to get Free Stock Tips from Ripples Advisory, visit >> Commodity Market Tips or give a missed call at @9644405056

Ripples Advisory Private Limited

Ripples Advisory is a SEBI Registered & ISO Certified Share Market Advisory. It is undoubtedly the Best Nifty Tips Provider in India. Ripples Advisory private limited is, without doubt, the only advisory firm which has repute in providing Nifty Market Tips & other share market tips. Ripples Advisory has a team of experienced & skilled research analyst who provide sure shot share market tips which has helped its clients to earn a huge amount of profit from their investments. Get the most accurate Nifty Future Trading Tips, Nifty Market Tips, Nifty Future Tips On Mobile, etc only at Ripples Advisory. To know more about Ripples Advisory & it's services, visit - http://www.ripplesadvisory.com/nifty-future.php or give us a missed call at - 9644405056

No comments:

Post a Comment

Note: only a member of this blog may post a comment.