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Oil prices rose on Tuesday, after suffering losses of nearly 3% in the previous session, with the resumption of supplies in Norway and the Gulf of Mexico in the United States and Libya, while the International Energy Agency expected a decrease in global energy demand by 5% this year.
US West Texas Intermediate crude futures rose four cents to $ 39.47 a barrel, and Brent crude futures rose four cents as well, to $ 41.76 a barrel.
Oil prices are under pressure due to fears of a return of supplies, while the increase in Covid-19 cases in the American Midwest and Europe raises concerns about the growth in fuel demand, which represents a challenge to OPEC and its allies in what is known as OPEC +.
With the return of workers to drilling rigs in the Gulf of Mexico in the United States after Hurricane Delta, as well as the return of workers in Norway to the rigs after ending a strike, all eyes are on Libya, a member of OPEC, after the status of force majeure in the El Sharara field was raised.
On Monday, Libya’s total production reached 355,000 barrels per day. The field was producing 300 thousand barrels per day before the blockade that was imposed on it.
OPEC + cut supplies to support prices amid the Corona pandemic and cut supplies by 7.7 million barrels per day until December. The group’s market watch committee meets next Monday.
