Oil
prices fell in Asia today following the return of disrupted Libyan
production into an already well-stocked global market and as dealers
await the latest US inventory report, analysts said. US benchmark
West Texas Intermediate for November delivery eased one cent to USD
91.55 while Brent crude for November fell 32 cents to USD 96.53 in
late-morning trade. Prices had headed upwards this week after an
upbeat manufacturing gauge from China and news that US-led forces had
started targeting jihadist militants in crude producer Syria.
However, on Singapore's United Overseas Bank said the restarting of
production in Libya's biggest oil field "added to oversupply
woes in a flush market". Production at Sharara, Libya's largest
oil field, restarted Monday after its closure last week, the Wall
Street Journal reported. The 340,000 barrels-per-day capacity Sharara
field was shut last week due to intense fighting near the vicinity of
the export terminal and refinery linked to it. The week-long
disruption put a pause to returning supplies in Libya, a member of
the OPEC cartel, after a nearly year-long blockade by rebels of oil
terminals. The country remains mired in political turmoil due to
inter-militia fighting. A Libyan government spokesman on September 11
said the North African state expects production to reach 1.5 million
barrels per day from more than 700,000 barrels currently. Dealers are
awaiting the latest US crude stockpiles report to be released later
today for clues about demand in the world's top crude consumer. Crude
reserves are expected to have risen by 500,000 barrels on average in
the week to September 19, according to analysts polled by the Wall
Street Journal. Gasoline stockpiles are expected to fall by 200,000
barrels, while stocks of distillates, which include heating oil and
diesel, are expected to rise by 300,000.
Wednesday, September 24, 2014
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