Oil rescued from price lows by Libyan supply disruption

13 March, 2018, 14:31 | Author: Regina Silva
  • Oil rescued from price lows by Libyan supply disruption

LONDON-Oil prices edged up Tuesday morning, even as fresh signs of rising US shale production appeared to put a cap on prices.

The Dow Jones Industrial Average fell 104.75 points, or 0.41 percent, to 25,230.99 and the Nasdaq Composite added 36.21 points, or 0.48 percent, to 7,597.02.

Brent crude futures-where Nigeria's oil is pegged-sold at $64.77 per barrel, down 18 cents, or 0.3 percent.

That has undercut some of the enthusiasm for oil, as investors weigh increased United States supply against the likelihood that the Organization of the Petroleum Exporting Countries and non-Opec producers will maintain supply cuts that have been in effect for more than a year. "We have monthly reports from the International Energy Agency and OPEC in the coming days to influence prices, but for now, crude is having a downbeat start to the week, unwinding some of Friday's effervescent rally".

In oil markets, USA energy companies last week cut oil rigs for the first time in nearly two months, with drillers cutting back four rigs, to 796, Baker Hughes (GE.N) energy services firm said.

"We are maintaining a bearish trading stance in anticipation of a range in nearby WTI between about US$58 and US$63, Jim Ritterbusch, president of Ritterbusch and Associates, said in a note". That is not far off the 2.957 percent yield on February 21, the highest since the instrument yielded more than 3 percent in January 2014.

Increased supply did not quell demand for the U.

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"Nothing really stood out", said Goncalves, head of USA rates strategy at Nomura Securities International in New York."You can consider that a good thing, given this year will see more and more Treasuries issued".

U. S. stocks closed mixed.

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent.

The broader trend remained positive for Wall Street's main indexes, which had closed up almost 2 percent on Friday on the strength of the jobs report.

In currencies, investors' appetite for riskier bets caused the USA dollar to inch down.

Oil prices shot up more than 3 percent in Friday trading after oil and gas services company Baker Hughes reported a dip in rig activity in North America.

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