Investing.com - Financial Markets Worldwide

Protests In Libya Boost Brent

ByBenzinga
AuthorBenzinga
Published 10/30/2013, 02:02 AM
Updated 05/14/2017, 06:45 AM
CL
-0.61%

Brent crude oil was higher on Tuesday morning after seeing its largest gain in over two weeks on Monday.

The commodity rose 2.5 percent on Monday and traded at $109.20 at 5:00 GMT on Tuesday morning as supply worries returned to the market.

CNBC reported that Libyan oil exports tumbled as the country lost its grip on containing labor riots that previously cut the nation's exports in half. Libyan government officials had made promising progress and reopened several of the nation's oilfields over the past month.

However, over the weekend a fresh round of protests depressed exports to 90,000 barrels and boosted Brent prices by nearly $2 per barrel.

US industrial production data also supported crude prices as the number one oil consuming nation's industrial production figures had their largest jump in seven months. The data, from September, indicated that demand is picking up.

Moving forward, investors will be watching for progress between Iranian officials and six world powers as a two day meeting between the two sides is set to begin on Wednesday. Sanctions designed to cut funding to Iran's nuclear development program have kept about 1 million barrels of crude from the market over the past decade. With Iran and the West working toward a diplomatic solution to the longstanding dispute, oil prices have been under pressure. Should the two sides reach an agreement, the influx of supply would send Brent prices tumbling.

On Tuesday investors will also keep an eye on American Petroleum Institute data, due out at 20:30 GMT. Most are expecting the data to show that US oil inventories rose 3.2 million barrels last week.

BY Laura Brodbeck

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.