Brent, WTI Prices Rise
Brent, WTI Prices Rise

Brent, WTI Prices Rise

Brent, WTI Prices Rise

Oil prices rose on Monday as a weaker dollar and the delay of new Libyan oil exports boosted benchmarks, amid expectations of tighter crude supply going into 2017. Brent crude futures traded at $55.47 per barrel, up 26 cents from their last close. US West Texas Intermediate (WTI) crude futures were up 30 cents at $52.20 a barrel, Reuters reported.
Analysts said the increases, which built on gains of around 2% on Friday, were driven by a delay in crude oil supplies from Libya.
“It looks like the Libyan story and the weaker US dollar are counterbalancing” bearish factors, said Tamas Varga, analyst with PVM Oil Associates. “We should expect higher prices in the near-term future.” Late last week, a group guarding oil infrastructure in Libya said it had reopened a long-blockaded pipeline leading from the oilfields of Sharara and El Feel, but a separate group had prevented a production restart at El Feel.
Additionally, the US dollar fell back against a basket of other currencies since hitting 2002 highs last week. A strong dollar makes oil more expensive for holders of other currencies. Some expected the strength in oil prices to continue into early 2017 due to a deal between the Organization of Petroleum Exporting Countries and other producers to cut almost 1.8 million barrels per day in oil output from January.
“With investors now expecting a relatively high level of compliance with the production-cut agreements, prices should be well supported,” ANZ bank said on Monday.


Short URL : https://goo.gl/AQx042
  1. https://goo.gl/M6SnSf
  • https://goo.gl/OGSwx2
  • https://goo.gl/qv2vtP
  • https://goo.gl/r9bHLl
  • https://goo.gl/Olg0eq

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints