2024-09-16 20:33:35
The recovery in oil prices continues. This is probably also due to lower exports from an important producing country.
Oil prices rose on Monday, continuing last week’s recovery. In the morning, a barrel of North Sea Brent for delivery in November cost 72.20 US dollars. That was 59 cents more than on Friday. The price of a barrel of US West Texas Intermediate (WTI) for delivery in October rose by 72 cents to 69.37 dollars.
The market was referring to the development of oil deliveries from Libya. Exports from the important producing country and OPEC member had recently fallen significantly due to political disputes in the country. Last week, prices on the oil market had already recovered somewhat from the heavy losses since the beginning of the month. Above all, concerns about weak demand following disappointing economic data from the USA and China had put pressure on oil prices at the beginning of the month.
Recently, there were more disappointing economic data from China, but these did not trigger any further price losses on the oil market. At the weekend, it was announced that industrial production and sales in Chinese retail had both grown more slowly in August than in the previous month.