Brent, WTI Prices Up
Oil prices were up on Monday, buoyed by hopes of progress in US-China trade talks and supported by challenges to supply facing major exporters.
Brent crude rose 34 cents or 0.6% to $58.71 a barrel, while WTI crude was at $53.16, up 35 cents or 0.7%, CNBC reported.
Both futures contracts ended last week with more than 5% decline after dismal manufacturing data from the United States and China, with the trade row between the world’s top economies undermining global economic prospects.
US and Chinese officials meet in Washington on Oct. 10-11 in a fresh effort to work out a deal.
On the supply side, deadly anti-government unrest has gripped Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries.
Iraq’s oil exports of 3.43 million barrels per day from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group’s practice head for Middle East and North Africa, said in a note.
“Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity),” he said.
The major Buzzard oil field in the British North Sea was also shut for pipe repair work, China’s CNOOC said.
Libya’s National Oil Corporation said on Sunday it would close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until Oct. 14.
source: Financial Tribune
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