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Oil prices appear to rise regardless of the surge in global oil supplies
There were some negative forecasts on the price of crude oil, especially after Libya struck a deal last month to open most of its oil export terminals, top-up production and supply.
In addition to Libya’s deal, more supplies are expected as oil workers in Norway resume work following an agreement with the labour. In the U.S, oil workers are getting back to begin restoring oil output after the Hurrican Delta.
- OPEC – One Month Extension of Oil Production Cut Agreed
- The Outlook of Crude Oil, Demand, Prices Seems Clearer Than Ever in 2020
The OPEC had earlier suggested that the oil supply increase in view could pressure on prices while obstructing production cut.
However, oil prices haven’t done as bad, having appreciated this Tuesday. Brent crude oil, Nigeria benchmark oil price, increased to $42.46 per barrel after gaining 1.77 per cent. The US West Texas Intermediate (WTI) crude oil closed at $40.22 per barrel with a 2% gain.
In another argument, strategists suggest that Brent Crude could hover around $40 – $43/b until after the U.S. election on November 3.
Prices had fallen to as low as 3% one day earlier. The oil price gain according to analysts is in light of the announcement by Nancy Pelosi, Speaker of the United States House of Representatives about beginning a $1.8 trillion stimulus package talk.
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