Gulf Oil and Gas accountACCOUNT

Brent Crude Below $103 with New Unrest in Libya

Source: Reuters 9/2/2014, Location: Africa

Share |
Brent crude held steady below $103 a barrel on Tuesday, with new unrest in OPEC oil producer Libya balanced by concerns of slowing oil demand growth due to weak economic recoveries in China and Europe.

Euro zone manufacturing growth slowed slightly more than initially thought in August, while growth in China's factory sector slipped to a three-month low last month, adding to concerns about oil demand.

Brent prices have trended higher since the latter half of August as speculators stepped back into the market, following a drop of nearly $15 to around $101 a barrel over the previous two months.

"Still, the economic recovery in Europe and especially in China is not strong, and we've seen no supply shortages in Iraq," said Ken Hasegawa, a commodity sales manager at Newedge Japan.

"There is no real direction in the market until heating oil demand kicks in closer to winter. We think the decline in oil prices has stopped and it will not go below $100, but upside is also limited at the moment," Hasegawa said.

Brent crude for October delivery was 7 cents higher at $102.86 a barrel at 0328 GMT. The contract had ended the previous session 40 cents lower.

U.S. crude was down 13 cents from Friday's close, at $95.83 a barrel. Trading in the United States was shut on Monday for the Labor Day holiday.

For more information about related Opportunities and Key Players visit Libya Oil and Gas Projects

Oil Field Services News in Libya >>

Nigeria >>  8/1/2018 - KBR, Inc. has been awarded an LNG FEED contract by Nigeria LNG (NLNG) for further expansion of the Bonny Island LNG plant at Bonny Island, Nigeria. ...
Egypt >>  7/24/2018 - HA Utilities, the utilities arm of leading regional construction and engineering group Hassan Allam Holding (HAH) is entering a joint venture (JV) wit...

Morocco >>  7/23/2018 - Sound Energy, the Moroccan-focused upstream gas company, announces, following the initial success in Eastern Morocco and in anticipation of the forthc...
Morocco >>  7/18/2018 - SDX Energy Inc. (SDX) is pleased to announce that, through its subsidiary SDX Energy Morocco (Jersey) Limited, it intends to sign later a Facility Agr...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Libya Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

 

Oil & Gas Companies in Libya >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.