{"id":9560,"date":"2024-01-23T11:45:00","date_gmt":"2024-01-23T11:45:00","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9560"},"modified":"2024-01-23T11:45:00","modified_gmt":"2024-01-23T11:45:00","slug":"oil-eases-slightly-on-mixed-supply-cues-geopolitical-tensions","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9560\/","title":{"rendered":"Oil eases slightly on mixed supply cues, geopolitical tensions"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices eased slightly on Tuesday as traders weighed simmering geopolitical tensions in several regions with supply outages in the U.S. and returning production in Libya.<\/p>\n

Brent crude futures lost 31 cents, or 0.39%, to $79.75 a barrel by 1019 GMT, while U.S. West Texas Intermediate crude futures (WTI) shed 33 cents, or 0.44%, to $74.43 a barrel.<\/p>\n

Brent slipped back below $80 a barrel after settling above the threshold on Monday for the first time since Dec. 26.<\/p>\n

Prices had risen by around 2% on Monday after a Ukrainian drone strike on Novatek’s Ust-Luga Baltic fuel export terminal near Russia’s second city St Petersburg raised supply concerns.<\/div>\n

“The attack … is a timely reminder that a bigger, more influential war is still raging on,” said PVM analyst John Evans.<\/p>\n

Tensions also rose in the Middle East, where U.S. and British forces carried out a second joint round of strikes on Houthi positions in Yemen on Monday night.<\/div>\n

In Libya, production at the 300,000 barrels per day Sharara oilfield restarted on Jan. 21 after the end of protests that had halted output since early this month.<\/p>\n

But the returning supply could be offset by ongoing outages in the U.S. because of extreme cold weather. As much as 20% of North Dakota’s oil output was still shut in on Monday, the state’s pipeline authority said.<\/p>\n

The weather-induced shutdowns over the last week could see a drop in crude inventories in Tuesday’s American Petroleum Institute (API) weekly report, PVM’s Evans added.<\/p>\n

A Reuters poll suggested that U.S. crude oil inventories would fall by about 3 million barrels in the week to Jan. 19.<\/p>\n

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