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Oil prices climbed on Tuesday after Libya declared a major force on some of its supplies, although an overall increase in OPEC production and an emerging slowdown in demand have slowed the markets. GMT up 41 cents, or 0.5%, from last close
West Texas Intermediate (WTI) crude oil futures increased 57 cents, or 0.8%, to 74 cents , $ 51. Benghazi-based who currently controls the infrastructure … eliminates the planned increase in the OPEC + coalition, "said Stephen Innes, chief executive of OPEC. Asia-Pacific at OANDA in Singapore
June's production of OPEC was 32.32 million barrels per day (bpd), according to a Reuters poll on Monday, up 320,000 b / d since The June total is the highest since January 2018.
The Libyan National Oil Corporation (NOC) declared on Monday a case of force majeure on the loadings of the ports of Zueitina and Hariga, resulting in total production losses 850,000 bpd
Traders also observe US oil production, which has jumped 30% over the past two years to 10.9 million bpd, absorbing some of the recent turmoil.
However, badysts said the company's production policy OPEC "In the short term, the level of production of OPEC – deployment of unused capacity by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait (and the former -OPEP by Russia), and Involuntary disturbances in Libya, Venezuela and Iran are more important drivers of crude prices, "said Goldman Sachs in a note published late Monday.
DEMAND SLOWDOWN
less for prod Growth in oil demand in the United States slowed considerably, reaching 385,000 b / d year-on-year in April, compared with growth of more than 730 000 b / d year-on-year. In the first quarter, Barclays Bank added that this was mainly due to higher fuel prices.
In Asia, the world's largest oil region, offshore oil imports have declined since May, as higher costs destabilized consumers. The escalation of the trade dispute between the United States and China is beginning to have repercussions on the economy.
"There are … signs that growth in China has slowed in recent months, especially local government infrastructure spending. I guess infrastructure investments are very energy intensive, which may have had a knock-on effect on the demand for oil, "said Frederic Neumann, co-director of Asian economic research at HSBC in Hong Kong, however, it seems that growth in Asia has eased rather than decelerating sharply, "he added.
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