Oil prices rebounded slightly Thursday after tanking the previous day, but gains were capped by US stockpiles data and the prospect of rising output in Libya and Nigeria, dealers said.

At about 1015 GMT, US benchmark West Texas Intermediate for delivery in October was up 20 cents at $43.78 a barrel.

Brent North Sea crude for November delivery won 32 cents to $46.17 compared with the close on Wednesday.

The market had tumbled Wednesday after the US Energy Information Administration said gasoline and distilled products inventories rose last week, overshadowing news of a surprise fall in crude supplies.

Later Wednesday, Libya’s National Oil Corporation said it would double production within four weeks after it was handed control of crucial ports that had been seized by forces loyal to the country’s rival administration.

The news from Libya — which has Africa’s largest oil reserves — fanned long-standing worries about a global supply glut and overproduction that have hammered prices for more than two years.

At the same time, Nigeria — which is the African continent’s biggest crude producer — appears set to also increase its oil exports, traders said.

Source: Leadership Newspaper


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

Previous Post Next Post

نموذج الاتصال