Stable, low oil prices after eventful day

A strike among oil employees in Norway intensified Monday and has had limited impacts for Norway's oil production thus far.
Photo: Weatherford PR
Photo: Weatherford PR

After a sharp drive in the oil price Monday, both Brent and WTI oil is sitting at a stable level Tuesday morning. Monday's decline arose after Libya got four oil terminals back in production and speculated that the Trump government would reduce its oil reserves.

After a sharp dive in the oil prices Monday, both Brent and WTI oil are sitting at a stable level Tuesday morning. Monday's decline came after four oil Libyan oil terminals returned to production last week and amidst speculation that the Trump government would reduce its oil reserves.

Monday, the price on WTI declined by 4.2 percent, while the Brent price dived by 4.6 percent and hit its lowest level since mid-April. During the day, prices increased by approximately 0.4 percent.

The US government is allegedly considering reducing its oil reserves to lower gasoline prices before the mid-term elections in November. At the same time, the market reacted to the news in Libya. However, while Libyan oil terminals are about to restart production, the "threat of further supply disturbance has not completely disappeared," writes Australian bank ANZ in a note.

A strike among oil workers in Norway intensified Monday, where several hundred paused work in a conflict over salaries and pension. Beginning Tuesday last week, the strike has had limited impacts on Norway's oil production.

Altogether, the oil price has declined by approximately 8 percent since prices hit a three-year high point last month amidst concerns of a global trade war and sanctions against Venezuela and Iran.

One barrel of Brent oil cost USD 72.16 Tuesday morning against USD 72.60 Monday afternoon. US WTI oil is trading at USD 68.09 against USD 68.37 Monday afternoon.

Tuesday morning, one ounce of gold costs USD 1241.43 against USD 1240.04 Monday afternoon.

On the market for industrial metals, a ton of copper costs USD 6284.5 against USD 6192 Monday afternoon.

English Edit: Lena Rutkowski

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