Oil surges as provision overshadows demand worries| MENAFN.COM

Thursday, 18 August 2022 04:46 GMT

Oil surges as provision overshadows demand worries


(MENAFN) Oil prices slightly increase on Monday as production disruptions in Libya and planned strikes in Norway offset worries that a financial stoppage would reduce request.

International main Brent crude was exchanging at USD111.92 a barrel at 0705 GMT for a 0.26 percent rise after the prior session ended at USD111.63 per barrel.

American main West Texas Intermediate (WTI) stood at USD108.62 a barrel at the same period for a 0.17 percent earn after the last session finished at USD108.43 per barrel.

Prices dropped in early exchanging in Asian markets as statistics last week presented that manufacturing action in the US fell by higher than estimated last month, adding to worries of a financial recession and subsequent weak request.

However, costs soon recovered on Monday around easing supply worries in Norway and Libya.
A prearranged strike by Norway's oil and gas sector employees is poised to have a considerable effect on gas trades, with decreases of more than 13 percent of the nation’s day-to-day gas exports, the Norwegian Oil and Gas Association (NOG) declared on Monday.

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