Oil prices continued to decline for the third day in a row, today, Friday, with investors focusing on expectations of increased supplies from Libya and the oil-exporting countries in the OPEC Plus alliance.
Brent crude futures fell 57 cents, or 0.8%, to $71.03 per barrel, and US West Texas Intermediate crude futures fell 58 cents, or 0.9%, to $67.09 per barrel.
Expectations indicate weekly losses for Brent crude at about 4.6%, while US crude is heading for a loss of 6.6%.
Analysts at FGE Energy told clients yesterday, Thursday, that “Libya and OPEC+ are factors that have a significant impact on the markets this week.”
The decline in oil production and exports in Libya led to a decline in crude exports to 400,000 barrels per day this month from more than one million barrels last month.
Separately, oil producers, the OPEC+ alliance, are currently reducing oil production by a total of 5.86 million barrels per day, but they plan to cancel cuts of 180,000 barrels per day in December.
FGE said, “In general, it is clear that oil markets are very cautious about global oil balances in 2025 and what the OPEC+ group should do.”
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2024-09-29 22:38:24