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Oil prices rose on Tuesday after Libya enacted force majeure measures for some of its crude oil exports, while the loss of Canadian supplies helped raise US values at record levels.
United States Light Oil, West Texas Intermediate (WTI) increased 99 cents, or 1.3%, to $ 74.93 per barrel, its highest level since November 2014 , before retreating slightly to $ 74.79 per barrel
Benchmark Brent increased 0.73% to $ 78.03
The Libyan National Petroleum Corporation Monday declared force majeure measures on exports from the ports of Zueitina and Hariga which would add supplies losses of 850 thousand b / d.
The complex (oil tanker) is recovering I was losing ground this morning, "said Tamas Varga, an analyst at London-based brokerage firm PVM Oil Associates." The Libyan force majeure measure on oil shipments from oil and gas ports. East of the country certainly helps. "
Faced with this situation, the producer Abu Dhabi National Oil Co (ADNOC) of ] The United Arab Emirates said on Tuesday that It could increase production by several hundred thousand bpd if necessary.
Saudi Minister of Energy, Khalid al-Falih spoke with the Minister of Energy. Russian Energy, Alexander Novak Monday.They discussed the need to modify the current process of monitoring of oil production and agreed to appoint a joint committee Organization oil exporting countries (O PEP) and non-cartel members known as JTC to develop and recommend an appropriate process for consideration by the Ministerial Panel of the Ministerial Council of the Follow-up Committee (JMMC) . organization.
The rating agency Morgan Stanley rose Tuesday forecast for the Brent crude price for the second half of 2018 at $ 85, from $ 77.5 previously planned.
Last month, OPEC agreed with Russia and other allies to increase production of July and Saudi Arabia promised a "big" increase of supply, but did not provide precise figures
Production of 360 thousand barrels of oil Syncrude Canada oil in an oil sands plant near Fort McMurray, Alberta, continues to be affected by a power outage that will be extended last month.
The US President, Donald Trump wrote on Twitter Saturday that the King of Saudi Arabia Salman bin Abdulaziz Al Saud had agreed to pump more oil, "can up to 2 million barrels ".
I just spoke to King Salman of Saudi Arabia and explained to him that because of the turmoil and malfunctions in Iran and Venezuela, I ask Saudi Arabia to increase oil production, perhaps up to 2,000,000 barrels, to make up the difference … Prices are high! I accepted it!
– Donald J. Trump (@ realDonaldTrump) June 30, 2018
With the help of Reuters
asa.
You can also read: Stable oil price, the EU seeks to punish Iran
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