Oil Prices at 2-Week Low
Oil Prices at 2-Week Low

Oil Prices at 2-Week Low

Oil Prices at 2-Week Low

Oil prices fell to roughly two-week lows on Friday as news of rising Iranian exports and returning supplies from Libya and Nigeria fueled concerns that the global glut will persist.
Benchmark Brent crude futures fell below the $46-a-barrel mark, trading down 1.7% at $45.79 a barrel, down 80 cents. US West Texas Intermediate futures were down 73 cents, or 1.7%, at $43.18 a barrel, a two-week low, Reuters reported.
Both contracts have fallen 9%-10% in one week, underlining how volatile the oil market currently is.
"We've seen a lot of bearish news this week: Libya, Nigeria, skeptical monthly reports from the IEA and OPEC and large stock building in the US, so weak fundamentals are weighing on the market," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.
Iran is nearing its pre-sanctions crude oil export levels, according to a source familiar with the country's tanker loading schedules. There are also signs of a return of output from Nigeria and Libya, two countries whose crude exports have been hampered by conflict and unrest.
Libya has lifted force majeure at some of its main ports and is resuming oil exports, the country's National Oil Corporation said on Thursday.
Last week's data showed US drillers had added seven oil rigs in the week to Sept. 9, bringing the rig count to 414, the most since February.

Short URL : https://goo.gl/a6l4WG
  1. https://goo.gl/Z0bBXI
  • https://goo.gl/hccQ7P
  • https://goo.gl/w61YO4
  • https://goo.gl/Wq1Or2
  • https://goo.gl/xbBDU0

You can also read ...

No Plan to Increase Oil Production in Next 12 Months
Iran does not intend to increase crude output in the next...
Gasoline Production Hits Record
Iran's gasoline production has hit a record with 77.4 million...
By 2025, the length of Iran’s gas pipelines should increase by 9,000 km.
Over 182 billion cubic meters of natural gas were supplied...
Budget Cut to Cause  Drastic Oil Reduction
Narsi Ghorban, a prominent Iranian energy analyst from London...