Wednesday, 5/8/2020 | 10:12 UTC+0
Libyan Newswire

Oil remains near 2015 highs on tight market outlook

NNA – Oil prices on Wednesday remained near two-and-a-half year highs from the previous session as the market outlook for 2018 is relatively tight, although the gradual resumption of flows through a major North Sea pipeline prevented crude from rising.

U.S. West Texas Intermediate (WTI) crude futures were at $59.87 a barrel at 0754 GMT, down 10 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session.

Brent crude futures were at $66.80 a barrel, down 22 cents after breaking through $67 for the first time since May 2015 the previous day.

“Crude spiked sharply in reaction to an explosion at a Libyan pipeline…(but) the price spike came with light volumes as London was closed for Boxing Day,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

Libya lost around 90,000 barrels per day (bpd) of crude oil supplies from a blast on a pipeline feeding Es Sider port on Tuesday.–REUTERS


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