Oil Rise as Global Equities Climb, Libya Output Drops
Oil futures rose on Tuesday with the help of an increase in global stock markets, an outage reducing Libyan crude production and a gradual decrease in Russian output.Brent futures rose 45 cents, or 0.7 percent, at $60.44 a barrel by 11:58 p.m. EST (1658 GMT), while U.S. West Texas Intermediate (WTI) crude was up 79 cents, or 1.5 percent, at $51.79.
NOC Declares Force Majeure on Biggest Oilfield
Libya's National Oil Company (NOC) on Monday declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.NOC said the shutdown would result in a production loss of 315,000 barrels per day (bpd) at its biggest oilfield, and an additional loss of 73…
NOC: Halting Sharara Oilfield Would Be 'Catastrophic'
Libya's National Oil Corp (NOC) warned on Sunday of "catastrophic consequences" if the El Sharara oilfield is brought to a complete halt by a protest by tribesmen.The state oil company said it would take a long time to bring back the field onstream because of the damage resulting from the "sabotage and theft."The company said the storage tanks at the field will be completely full in
Libya Shuts Down El Feel Oilfield - Field Engineer
Libya has shut down the El Feel oilfield, an engineer at the western field said on Saturday. No more information was immediately available. The OPEC producer had managed to restart the field this year after a pipeline had been blocked for months. A spokesman for the state-owned National Oil Corp (NOC) could not be immediately reached for comment.
Brent Hits Five-Year Low
Brent falls more than $2 to lowest since October 2009; Morgan Stanley cuts Brent forecast to £70 a barrel in 2015. Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output. In a report dated Dec. 5, U.S.
Libya Hopes to Restart El Feel Oilfield Next Week
Libya hopes to restart oil production at the southwesterly El Feel field next week, a spokesman for the state National Oil Corp (NOC) said on Tuesday. NOC shut down the field more than a week ago when clashes forced the closure of the neighbouring El Sharara oilfield. Both sites use the same power supply. NOC…
Brent Nearing Four-Year Low of $81
OPEC could cut output by 500,000 bpd at November meeting. U.S. crude stocks rose by 800,000 barrels. Brent crude slipped near $81 a barrel on Wednesday, hovering just above a four-year low as prices are pressured by the growing oil glut created by the U.S. shale boom and the restart of Libya's largest operational oilfield.
Libya Restarts El Sharara Oilfield
Libya has resumed oil production at the El Sharara oilfield, a spokesman for state National Oil Corp (NOC) said on Wednesday. "Maybe there will be problems with the pumps but so far everything is good," NOC spokesman Mohamed el Harari said. "The workers have returned without making complains about security.
Struggle for Libyan Oilfield Reflects Fractured Nation's Conflict
Libya's biggest oilfield, shut down by gunmen last week, may struggle to rebuild production as the conflict splintering the desert nation draws in ever more groups of fighters, including poor southern tribes staking a claim to land resources. The 340,000-barrels-a day El Sharara oilfield was attacked last week…
Libya's Hariga Port, El Sharara Oilfield Still Closed
Protesters at Libya's 120,000-barrel-per-day Hariga port are still blocking oil exports, an oil official said on Tuesday. "We are trying to solve the issue," the official said. "Talks are ongoing." The protesters say they have not been paid, he said. Reporting by Ayman al-Warfalli
Oil Steady Below $83, Dollar at Four-Year High
Dollar hits four-year high versus currency basket; Brent crude hovering just above four-year lows. Brent crude oil steadied below $83 a barrel on Friday, consolidating after several months of sharp falls as the dollar hit a four-year high ahead of U.S. jobs figures. U.S. non-farm payrolls data were due at 8:30 a.m.
Brent Below $83,Oversupply Outweighs Other Variables
Potential for Iran deal weighs on prices; U.S. crude stocks rise. Brent crude oil fell below $83 a barrel on Thursday as apparent momentum towards a deal between Iran and world powers over its nuclear programme and higher U.S. inventories overwhelmed supply shocks in the Middle East. U.S. Secretary of State…
Libya's El Sharara Oilfield Shut after Armed Group Seizure
Libya's El Sharara oilfield has shut down production after an armed group seized the field, oil ministry sources said on Wednesday. A worker at the large southern field said there was a shooting, but more details were not immediately available. The field was producing around 200,000 barrels per day before the shutdown, the sources said.
Oil Weakens More on Rising Supply
Brent crude fell further under $97 a barrel in choppy trading on Thursday as abundant supply and a strong U.S. dollar largely outweighed worries conflict in the Middle East disrupting output. But after Brent fell close to $95 a barrel on Wednesday, traders said prices may stabilise for now. Brent fell 48 cents to $96.47 a barrel by 1433 GMT.
Oil Below $97 on Supplies, Strong Dollar
Abundant supply keeps pressure on crude; Dollar at four-year high. Libya production rises, Hariga port back to normal. Brent crude oil dipped further below $97 a barrel on Thursday as abundant supply and a strong dollar outweighed concerns about threats to supply posed by fighting in the Middle East. The dollar hit a four-year high…
Oil Slips Towards $96 as Libyan Output Returns
Oil fell towards $96 a barrel on Wednesday as rising supply from Africa and Iraq offset mounting tensions in the Middle East and better-than-expected data in China. Weak European economic data and a rise in oil exports from Iraq, Libya and Nigeria have weakened the oil price, which is down around 14 percent this quarter, the biggest quarterly drop since the second quarter of 2012.
Oil Prices Fall on Sluggish Demand, Ample Supply
Crude oil futures fell on Monday as ample supply and slowing economic growth in Europe and China outweighed expectations of a cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC). Concerns over extended stagnation in Europe, which could pull down other economies, were highlighted at the G20 meeting in Australia on Sunday.
Oil Below $98, Demand Sluggish, Ample Supply
Weak economic outlooks in Europe, China weigh; Investors look past possible OPEC output cut. Libya fighting closes refinery, cuts oil output. Brent crude oil fell below $98 a barrel on Monday, dropping for the third session in four, as sluggish demand and ample supplies outweighed expectations of a cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC).
Suicide Attack Escalates Libya Violence, Oil Output Slips
Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan army base in Benghazi killed at least four solders in an escalation of clashes between Islamist militants and regular forces battling to oust them from the eastern city.
Militia Clashes Spread Towards Zawiya Oil Port
Clashes in Libya spread from Tripoli to the western town of Zawiya near Tunisia's border, where a large oil port is located, killing four people over the last two days, local town council officials said on Thursday. Foreign governments have mostly closed their embassies and evacuated staff after three weeks…
