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[size=36]Oil extends losses amid prospects of higher OPEC supplies[/size]
economy | 08:22 - 02/09/2024
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Mawazine News - Baghdad
Oil prices extended losses in early trading on Monday as investors weighed an increase in OPEC+ output from October against a sharp drop in Libyan output amid weak demand in China and the United States, the world's biggest oil consumers. Brent crude futures were down 57 cents, or 0.7 percent, at $76.36 a barrel by 0108 GMT. West Texas Intermediate (WTI) crude futures fell 50 cents, or 0.7%, to $73.05 a barrel. The losses follow a 0.3% decline in Brent crude last week and a 1.7% decline in WTI. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, told Reuters that the group was close to moving ahead with a planned oil output increase from October. Eight OPEC+ members are set to raise output by 180,000 barrels per day (bpd) in October, as part of a plan to start easing the latest tranche of 2.2 million bpd of output cuts, with further reductions to continue until the end of 2025. In Libya, the Arabian Gulf Oil Company has resumed production of up to 120,000 bpd to meet domestic needs, while exports remain halted, engineers said on Sunday, after a dispute between armed factions shut most of the country’s oilfields. Both Brent and WTI have suffered losses for two straight months as Economic concerns in China and the United States outweighed disruptions to Libyan supplies and rising geopolitical tensions in the Middle East. U.S. oil consumption slowed in June to its lowest seasonal level since the COVID-19 pandemic in 2020, U.S. Energy Information Administration data showed on Friday.
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