PT Solid Gold Berjangka | WTI Crude Oil Rises Following Weekend Drone Attacks on a Russian Baltic Port; Libya Restarts a Major Oil Field
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Solid Gold Berjangka | West Texas Intermediate (WTI) crude oil prices rose on Monday as Ukraine claimed responsibility for a drone attack on a Russian port in the Baltic Sea, raising concerns oil exports from the country’s Western ports could be blocked, while prices were checked as Libya restarted production from a major oil field.
West Texas Intermediate crude for February delivery was last seen up US$1.78 to US$75.19 per barrel, while March Brent crude, the global benchmark, closed up US$1.50 to settle at US$80.06.
A weekend attack on a port in the Baltic Sea that left a gas-condensate terminal with damage is raising concerns Ukraine will be able to open a new front in the war and be able to interdict tankers carrying Russian crude.
Libya restarted production from its 300,000 barrel per day Sharara oil field, according to reports, three weeks after it was shuttered due to protests. The additional supply is easing some worries that war in the Middle East would expand to the Persian Gulf and threaten exports from key producing countries.
Still, demand remains soft on seasonal factors and slowing economies, while rising output from non-OPEC+ countries is offsetting some production cuts from the cartel and its allies. The price of the commodity has been locked in a tight range for weeks as the supply and demand factors play off against each other.
Source: MT newswires