The Address | Benghazi – Libya
TRIPOLI – Oil prices were under pressure on Tuesday amid worries over global stock markets and doubts that planned output cuts led by producer club OPEC will be enough to rein in oversupply.
But traders said crude prices received some support after Libya’s National Oil Company (NOC) declared force majeure on exports from the El Sharara oilfield, the country’s biggest, which was seized last weekend by a militia group.
NOC said the shutdown would result in a production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield.
International Brent crude oil futures LCOc1 were at $60 per barrel at 0746 GMT, up 3 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $50.98 per barrel, down 2 cents.
The rise in prices came after crude dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.