(MENAFN) WTI increased by 0.8 percent while Brent dropped 1.3 percent for the week. For the first time since November, both benchmarks for June had lower monthly closing values.
Furthermore, supply disruptions in Libya and anticipated shutdowns in Norway trumped concerns that a slowing economy would reduce demand, resulting in an increase of over 2 percent in oil costs on Friday.
West Texas Intermediate crude (WTI) finished at USD108.43 per barrel, whereas Brent crude futures reached a settlement price of USD111.63 per barrel. Manufacturing activity in the United States slowed down more than anticipated last month, according to industry statistics, adding to the evidence that the economy was cooling as the Federal Reserve tightened monetary policy. Despite the fact that stocks fell and the United States currency increased, which is normally inversely correlated with crude, low crude and gasoline supply helped to maintain the oil market. The country's overall output might decrease by up to 8 percent as a result of the scheduled oil and gas workers' strike on July 5.
As a result of the National Oil Corporation's declaration of force majeure at two of Libya's main ports, output there has also sharply decreased. The OPEC+ producers have decided to adhere to their output plan, and after two days of talks last week, there won't be any more supply coming from them.
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