Investing.com - Financial Markets Worldwide

Crude Rises On Reduced Output From Libya, North Sea

Published 08/13/2013, 06:20 AM
Updated 07/09/2023, 06:31 AM
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Although crude oil is moving within a range, some gains were seen on Tuesday amid supply worries after production was reduced in the North Sea while Libya closed its biggest oil-export terminal helping to prop up world oil prices.

In Europe, production at Ekofisk was reduced after a gas turbine broke down on August 7; the affected fields were producing 8,000 barrels a day. In Libya, port of Es Sider closed only hours after it reopened due to another wave of protests.

- Crude is trading around $106.28 a barrel after rising $0.17

- Brent is trading around $109.12 a barrel after rising $0.15

“The volatile geopolitical climate in the Middle East is going to keep prices supported as we go out into the 4 th quarter. But traders will also be cautious not to overreact to every headline because this uncertainty is the new norm for the region”, said Carl Larry.

Investors will focus on this week’s US economic data decide if the Federal Reserve will start winding down its monetary stimulus. Data will include the retail sales, consumer prices, housing starts, industrial production and consumer confidence.

US crude oil probably fell 1.5 million barrels and gasoline stockpiles probably fell 900,000 barrels last week according to the poll that came ahead of weekly inventory reports from the American Petroleum Institute and the US Energy information administration.

- Natural gas is trading at $3.324 per cubic feet after rising 0.42%

- Gasoline is trading at $2.904 per cubic feet after falling 0.01%

- Heating oil (diesel) is trading at $3.03 a gallon after rising 0.30%

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