Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures settle lower as Libya likely to increase production

08-Feb2019

Crude oil futures settle lower as Libya likely to increase production

Crude oil futures settled lower on Thursday after the European Commission slashed growth forecasts for the eurozone and its major economies sharply for 2019 and 2020, further stoking concerns of a global growth slowdown.  Further, the decline in oil came on reports that Libya could soon increase production. Libyan general took control of the country's largest oil field, the Sharara, raising the likelihood the facility will restart production. The added supply could bring more oil to the global market and put downward pressure on prices. The Sharara facilities, which can pump roughly 315,000 barrels a day of crude, were shut down late in 2018 after a group of armed gunmen took control of the field demanding better living conditions in the region. Libya, a member of the Organization of the Petroleum Exporting Countries, is currently exempt from the cartel's agreement to curb production due to the civil unrest that has plagued its oil industry and economy.

Benchmark crude oil futures for March dropped $1.37 or 2.5 percent to settle $52.64 a barrel on the New York Mercantile Exchange. April Brent crude declined $1.06 or 1.7 percent to settle at $61.63 a barrel on London's Intercontinental Exchange.


Related News

View all news

Crude oil futures end higher as supplies tighten

Crude oil futures ended higher on Tuesday amid reports of falling Saudi Arabian exports. Crude-oil volumes shipped from major producer Saudi Arabia fell in the first half of February to 6.2 million barrels......

Crude oil futures decline on demand concerns

Crude oil futures declined on MCX as speculators reduced their bets, tracking weak international oil market on caution that economic growth may dent fuel demand this year. Though, global oil markets remain......

Mentha oil futures trade lower on higher acreage

Mentha oil futures traded lower on MCX, as speculators trimmed their positions on expectations of higher acreage under mint due to lucrative prices throughout last year. Though, fall in inventory at exchange-accredited......

Top News

View all news

Tata Motors signs LTS agreement with its employees

Tata Motors has signed a long-term wage settlement (LTS) agreement with its employees. Under the agreement, workmen will get a wage rise of Rs 9,000 per month along with other incentives based on performance.......

Canara Bank invites bids from merchant bankers to manage its $350-500 million MTN issue: Report

Canara Bank has reportedly invited bids from merchant bankers to manage its $350-500 million issue of senior unsecured/tier-II capital bonds under its medium-term note (MTN) programme. The issue size may......

Alembic Pharma gets USFDA's nod for Acetazolamide Extended-Release Capsules

Alembic Pharmaceuticals (Alembic) has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acetazolamide Extended-Release Capsules, 500......