Oil prices fall as Libya resumes output, global demand outlook darkens

278

Oil prices fell on Friday on a weakening global demand outlook and the resumption of some Libyan crude oil output.

Brent crude futures fell $1.02 to $102.84 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down $1.08 cents to $95.27 a barrel.

The global economy looks increasingly likely to be heading into a serious slowdown, just as central banks aggressively reverse ultra-loose monetary policy adopted during the pandemic to support growth, data showed on Friday.

While signs of softening U.S. demand weighed on oil prices and sent benchmark contracts sliding around 3% in the previous session, tight global supplies continued to keep the market buoyed.

Supply fears were easing slightly though after Libya resumed production at several oil fields earlier this week.

Staunovo also the market will look to preliminary OPEC  production estimates for guidance next week.

WTI has been pummelled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump.

In contrast, signs of strong demand in Asia propped up the Brent benchmark, putting it on course for its first weekly gain in six weeks.

 




Leave a Reply

Your email address will not be published.