Oil prices were seen trading higher on the last day of the trading week, as prices rebound from six-month low of around $92 per barrel. While recent data showed a rise in US stockpiles and the turmoil in Libya continues to weigh on the country’s oil supplies.
West Texas Intermediate contracts for December advanced 0.21% higher to $92.49 a barrel on New York Nymex at the time of writing, while the European benchmark Brent dropped to $110.61 a barrel at the same time in London.
Oil Prices – Libya Crises
Libya’s crises has raised concerns as other OPEC countries is expected to boosted crude exports by mid-December by 3% at its next meeting next week.
Libya’s oil output dropped from 1.45 million bpd recorded last year to 450,000 bpd in October. Libya is the biggest hold of crude reserves in Africa.
The country’s Prime Minister Ali Zaidan pleaded to the armed militants to stop blocking the oil fields and reopen ports.
Civil servants and the private sector staffs in Libya went on strike on Tuesday, reacting to the conflict between the army and Islamists.
Oil Prices – US Stockpiles
Organization of the Petroleum Exporting Countries (OPEC) is expected to keep its crude production quota unchanged at its next meeting, scheduled for December 4 in Vienna and expected to increase its shipments by 700,000 barrels per day to 24.05 million barrels in the period to December 14, reports confirmed.
Recent data released showed that the US stockpiles climbed 2.95 million barrels to 391.4 million in the week ending November 23, the highest level since June, reports from the Energy Information Administration (EIA) confirmed.
The EIA also reported a rise in crude production by 45,000 barrels a day to 8.02 million barrels per day in seven days ended November 22, the highest level since January 1989.
Additional data from the American Petroleum Institute showed that crude inventories rose by 6.92 million barrels for the week ended November and gasoline supplies edged up 201,000 barrels in the same week.
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