2023-07-14 21:04:15
oil
Oil prices fell by more than a dollar a barrel, on Friday, with the rise of the dollar and the appetite of oil market participants to reap profits after a significant rise in crude prices, but the two benchmarks recorded gains for the third week in a row.
“It just looks like some are taking profits as some demand concerns come back to the fore on the dollar’s rally,” said John Kilduff of Again Capital.
The dollar index rose slightly after hitting a 15-month low during the session. The rise in the dollar reduces the demand for oil, as it raises the price of crude for investors holding other currencies.
price movements
Brent crude futures fell $1.49, or 1.8 percent, to $79.87 a barrel at settlement, while US West Texas Intermediate crude futures fell $1.47, or 1.9 percent, to $75.42 a barrel.
Oil prices rose by nearly 2 percent on a weekly basis, after some supplies from Libya and Nigeria were halted, which raised fears that markets would witness a tight supply in the coming months.
Yesterday, Thursday, a number of oil fields in Libya were closed as a local tribe protested the kidnapping of a former minister.
Separately, Shell has halted shipments of Nigerian crude oil due to a possible leak at a terminal.
John Evans, an analyst at BVM, said that the supply disruption in Libya is stopping an estimated 370,000 barrels per day, while the loss from the disruption of Nigerian crude oil shipments is estimated at about 225,000 barrels per day.
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