Increase in oil costs as fears about demand slowdown| MENAFN.COM

Monday, 15 August 2022 04:04 GMT

Increase in oil costs as fears about demand slowdown


(MENAFN) Monday saw a slight increase in oil costs as fears about a demand slowdown were somewhat offset by production outages in Libya and scheduled shutdowns in Norway.

At 07:05 GMT, the price of benchmark Brent oil was USD111.92 a barrel, up 0.26 percent from the prior session's ending cost of USD111.63 per barrel.

American benchmark West Texas Intermediate (WTI), which completed the prior session at USD108.43 a barrel, was exchanging at USD108.62 per barrel at the same time, up 0.17 percent.

Early trading in Asian markets saw a decline in costs after statistics released last week revealed that manufacturing output in the United States declined more than anticipated previous month, fueling concerns about an impending economic crisis and therefore weak demand. On Monday, nevertheless, costs quickly recovered because to ongoing supply concerns in Norway and Libya.

According to the employers' association, the Norwegian Oil and Gas Association, a strike by Norwegian energy industry workers is projected to have a significant impact on gas exports, with regular gas export losses of 13 percent anticipated (NOG).

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