Crude ascends on Libyan supply disruptions

Crude ascends on Libyan supply disruptions

On Wednesday, crude prices extended their revenues from last session, driven by supply disruptions in Libya as well as expectations that an OPEC-led output reduction is going to be extended into the second half of 2017.

Brent crude futures had soared 14 cents from their previous close to $51.47 per barrel by. In America, West Texas Intermediate crude futures gained 20 cents, being worth $48.57 a barrel.

Yesterday, both crude benchmarks added by more than 1%.  

Crude output from the western Libyan fields of Wafa and Sharara has been blocked by armed protesters, cutting output by 252,000 barrels per day, as a source at the National Oil Corporation informed Reuters on Tuesday.

The Organization of the Petroleum Exporting Countries and some other oil producers including Russia, have agreed to reduce output by nearly 1.8 million bpd during the first half of 2017 to rein in a global fuel supply overhang and also bolster prices.


The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

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US PCE May Soar Soon
US PCE May Soar Soon

The United States Bureau of Economic Analysis will release monthly Personal Consumption Expenditures (PCE) on June 30, 15:30 GMT+3.

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