Oil drilling rigs
Oil prices stabilized today, July 14, heading for the third straight weekly gain amid supply shortage due to issues in Libya and Nigeria as well as low US inflation.
Libya’s second-biggest oil field is in the process of shutting as protests disrupt supplies in the North African country.
Protests in Libya alone could take more than 250,000 barrels of oil per day from the market, ANZ Research said.
Separately, Shell suspended loadings of Nigeria’s Forcados crude oil due to a potential leak at a terminal.
Brent crude for September delivery remained unchanged at $81.39 a barrel at 8:07 am Makkah time.
Meanwhile, WTI contracts for August delivery stabilized at $76.95 a barrel.
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