Libya Oil

Oil prices fell more than $3 a barrel on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia's gas flows to Europe eased supply restraints.

Libya said it would have to halt exports from the Gulf of Sirte due to unrest in the region while Ecuador said it would need to suspend production amid anti-government protests

Tight supply has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.

Oil prices rose on Thursday, buffeted by concerns about tightened supply as the European Union (EU) mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade.

Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts.

Crude oil prices recovered some of their losses during a volatile trading session on Wednesday after crashing over 5 per cent previously.

The ebb and flow in investors' sentiment on global crude's demand-supply dynamics pushed futures down over 1 per cent on Tuesday; with the Russia-Ukraine war intensifying, supply concerns limited losses.

Crude oil prices fell on Tuesday by nearly $1 per barrel as the dollar strengthened to a two-year high, even as supply concerns remain after Libya shut its oil fields due to political protests.

Brent crude futures rose to $113.77 a barrel on Tuesday morning, while U.S. West Texas Intermediate (WTI) crude futures gained 33 cents to $108.54 a barrel.

Crude prices eased to around $112 per barrel on Monday after rising sharply in early trade, with oil contracts trading within a $3 range - between about $111 and $114 a barrel.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Forces loyal to military strongman Khalifa Haftar on Saturday blocked oil exports from Libya's main ports, the National Oil Company said, raising the stakes on the eve of international peace talks.

Armed men on Monday stormed the headquarters of Libya's National Oil Company in Tripoli killing at least two people, officials said, as witnesses spoke of hearing a blast and gunfire.

North Korea has resorted to a "massive increase" of illegal ship-to-ship transfers of oil products at sea to evade UN sanctions and enlisted a Syrian arms broker to sell weapons to Yemen and Libya, a UN report said Friday.

IOC has stake in eight domestic and nine overseas oil and gas blocks in Libya, Gabon, Nigeria, Yemen, Venezuela, Russia, Canada and the US.

Oil prices fell more than $3 a barrel on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia's gas flows to Europe eased supply restraints.

Libya said it would have to halt exports from the Gulf of Sirte due to unrest in the region while Ecuador said it would need to suspend production amid anti-government protests

Tight supply has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.

Oil prices rose on Thursday, buffeted by concerns about tightened supply as the European Union (EU) mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade.

Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts.

Crude oil prices recovered some of their losses during a volatile trading session on Wednesday after crashing over 5 per cent previously.

The ebb and flow in investors' sentiment on global crude's demand-supply dynamics pushed futures down over 1 per cent on Tuesday; with the Russia-Ukraine war intensifying, supply concerns limited losses.

Crude oil prices fell on Tuesday by nearly $1 per barrel as the dollar strengthened to a two-year high, even as supply concerns remain after Libya shut its oil fields due to political protests.

Brent crude futures rose to $113.77 a barrel on Tuesday morning, while U.S. West Texas Intermediate (WTI) crude futures gained 33 cents to $108.54 a barrel.

Crude prices eased to around $112 per barrel on Monday after rising sharply in early trade, with oil contracts trading within a $3 range - between about $111 and $114 a barrel.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Forces loyal to military strongman Khalifa Haftar on Saturday blocked oil exports from Libya's main ports, the National Oil Company said, raising the stakes on the eve of international peace talks.

Armed men on Monday stormed the headquarters of Libya's National Oil Company in Tripoli killing at least two people, officials said, as witnesses spoke of hearing a blast and gunfire.

North Korea has resorted to a "massive increase" of illegal ship-to-ship transfers of oil products at sea to evade UN sanctions and enlisted a Syrian arms broker to sell weapons to Yemen and Libya, a UN report said Friday.

IOC has stake in eight domestic and nine overseas oil and gas blocks in Libya, Gabon, Nigeria, Yemen, Venezuela, Russia, Canada and the US.