2023-07-18 00:57:00
© Archyde.com. A pump works in an oil field outside Sodron, France, on February 6, 2023. Photograph: Pascal Rossignol/Archyde.com.
(Archyde.com) – Oil prices rose slightly in early trading on Tuesday, following falling in the previous session due to less-than-expected growth in the Chinese economy, at a time when investors expected a decline in US crude supplies.
It rose 11 cents to 78.61 a barrel by 0017 GMT, while US West Texas Intermediate crude rose 15 cents to $74.30 a barrel.
Both benchmarks fell more than 1.5 percent on Monday.
Investors are awaiting data from the sector later on Tuesday that is expected to show that stocks and derivatives in the United States likely fell last week.
Meanwhile, data from the Energy Information Administration on Monday showed that US shale oil production is expected to decline by regarding 9.4 million barrels per day in August, which would be the first monthly decline since December 2022.
However, global supplies may be boosted by the resumption of production in two of the three Libyan oil fields that were suspended last week in protest of the kidnapping of a former finance minister.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)
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