Sunday, January 29, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Production

Oil drops 4% after resumed production at Libyan field threatens market

July 10, 2020
in Production
Oil drops 4% after resumed production at Libyan field threatens market
Share on FacebookShare on Twitter


  • Crude oil prices slid on Thursday after renewed production in Libya prompted concerns of extraneous market supply.
  • Latest Oil MArket NewsPosts

    New U.S. permit to boost Keystone pipeline oil exports by next year: TC

    Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET

    County in oil-production zone fights stay-at-home order | Fort Worth

  • West Texas Intermediate contracts fell as much as 4% to $39.27, while Brent crude declined 3.1% to an intraday low of $41.93.
  • The commodity has faced strong pressure through the coronavirus pandemic as production cuts struggle to keep up with tanking demand.
  • While both futures have settled near $40 per barrel, WTI could sink back to the mid-$30s “if the demand outlook shows further signs of faltering,” Edward Moya, senior market analyst at OANDA, said.
  • Watch West Texas Intermediate crude trade live here.
  • Watch Brent crude trade live here.

Crude oil futures sank on Thursday after revived production at a Libyan oil field sparked fears of an inventory flood.

West Texas Intermediate contracts slipped as much as 4% to $39.27. Brent crude, the commodity’s international standard, fell 3.1% to an intraday low of $41.93. Both contracts retraced some gains following the decline.

The Messla oil field and Sarir refinery restarted operations after halting due to technical issues, Bloomberg reported Thursday. Crude imports and exports had also been halted in Libya since January due regional tensions and the country’s civil war. The new supply out of the country adds inventory to a market that largely doesn’t want it.

Read more: Wall Street is being shaken to its core by a legion of Gen Z day-traders. From a casual hobbyist to a 20-year-old running a 14,000-person platform, meet the new generation of retail investors.

“Oil seems ripe for a pullback here and if the demand outlook shows further signs of faltering, WTI could settle back towards the mid-$30s,” Edward Moya, senior market analyst at OANDA, said Thursday.

Futures have repeatedly faced pressure through the coronavirus pandemic from supply buildups. Oil demand remains at historic lows, and even a slight uptick in production threatens to flood the market with unwanted inventory. When such an oversupply occurred in April, WTI contracts tanked to negative prices and shocked global markets.

Read more: Ed Hyman was named Wall Street’s best economist 39 times and called the tech bubble. He outlines 3 market drivers that are aligning perfectly for investors looking to capitalize on coronavirus chaos.

US oil has since turned higher and loosely reconnected with its international peer’s price action. Yet after rallying through May, prices have stabilized at $40 per barrel. With coronavirus cases surging throughout the US and some lockdown measures going back into effect, oil demand shows no signs of picking up in the near future.

WTI contracts for August delivery traded at $39.95 per barrel as of 12:10 p.m. ET Thursday. Brent futures traded at $42.63 per barrel.

Now read more markets coverage from Markets Insider and Business Insider:

GOLDMAN SACHS: Wall Street is bracing for a historically wild stock market as the presidential election nears. Here’s a surprising yet simple strategy for protecting your portfolio – regardless of outcome.

Cryptocurrency marketplace…



Read More: Oil drops 4% after resumed production at Libyan field threatens market

Tags: Brentcrude oil pricedropsFieldLibya OilLibyanmarketMarketsoilOil priceProductionresumedThreatensWest Texas IntermediateWest Texas Intermediate oilWest Texas Intermediate oil priceWTIWTI Crudewti crude oilwti crude oil price

Related Posts

New U.S. permit to boost Keystone pipeline oil exports by next year: TC
Production

New U.S. permit to boost Keystone pipeline oil exports by next year: TC

by Oil Market
July 31, 2020
0

The CEO of TC Energy Corporation says the company will begin moving more oil from Western Canada into the...

Read more
Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET
Production

Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET

by Oil Market
July 29, 2020
0

LAGOS/LONDON: Nigeria's state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed...

Read more
County in oil-production zone fights stay-at-home order | Fort Worth
Production

County in oil-production zone fights stay-at-home order | Fort Worth

by Oil Market
July 29, 2020
0

SANTA FE, N.M. (AP) — A county in New Mexico’s southeastern oil production region is backing a legal challenge...

Read more
Shetland oil pioneer enjoys production boost following challenging period
Production

Shetland oil pioneer enjoys production boost following challenging period

by Oil Market
July 28, 2020
0

HURRICANE Energy has received a boost following a difficult period after increasing production from a big field off Shetland....

Read more
Australia’s Karoon soars after striking new oil field deal terms
Production

Australia’s Karoon soars after striking new oil field deal terms

by Oil Market
July 27, 2020
0

Karoon's share price surged more than 15 per cent following the news to 77¢ in early trading on Monday.Loading"Despite...

Read more
Analysis | The Next Move in Oil Prices May Be Down, Not Up
Production

Analysis | The Next Move in Oil Prices May Be Down, Not Up

by Oil Market
July 26, 2020
0

The group of 23 oil producing countries, led by Saudi Arabia and Russia, confirmed they would reduce the size...

Read more
Next Post
More Curtailed US Oil Production Coming Back Online | OilPrice.com

More Curtailed US Oil Production Coming Back Online | OilPrice.com

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Nigeria: Ewubare – NNPC Diversifying to Mitigate Oil Sector Challenges

Nigeria: Ewubare – NNPC Diversifying to Mitigate Oil Sector Challenges

3 years ago
Oil Pressure Control Solenoid Valve Market Study Report (2020-2026),

Global Litsea Cubeba Oil Market Size |Incredible Possibilities and Growth

3 years ago
Midstream Oil And Gas Companies Adapt To COVID-19

Midstream Oil And Gas Companies Adapt To COVID-19

3 years ago
Oil prices recover losses to settle higher on bets the market may soon

Oil prices recover losses to settle higher on bets the market may soon

3 years ago
Oil prices hit by record U.S. crude inventories, bearish Fed

Oil prices hit by record U.S. crude inventories, bearish Fed

3 years ago
Railroad Diesel Engine Oil Market Growth By Manufacturers, Type And

Sunflower Oil Meal Market Growth By Manufacturers, Type And Application,

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com