Oil rises but the return of supply curbs gains

2016/9/15 19:04

[Where - Follow-up]

Oil prices rose Thursday after falling for two consecutive sessions, but the gains were limited by the return of supplies from Nigeria and Libya.

At 1300 GMT futures recorded for Brent to $ 46.18 a barrel, 33 cents higher from the previous settlement. And it increased US crude West Texas Intermediate 22 cents, equivalent to 0.5 percent to $ 43.80 a barrel.

Crude prices fell about three percent for the second straight session on Wednesday after a 4.6 million barrel increase in US stockpiles of distillates. The jump was the biggest one-week since January and up distillate stocks to the highest level seasons in six years.

But US crude inventories expectations fell 559 thousand barrels in the week ending on the ninth of September, contrary to the increase of 3.8 million barrels.

Said Ric Spooner, chief market analyst at CMC Markets, "is good news at this time of the year to see such a drop (in crude inventories) .. but the market seem more concerned at the moment the possibility of a significant increase in the supply coming from Libya. "

Crude prices have fallen about eight percent in the last five sessions, and there are concerns a growing concern of the possible return of crude supply from Libya and Nigeria.

National Oil Corporation of Libya said on Thursday it would raise the case of force majeure in the three ports and resume export on the spot of the two of them.

There are expectations of the return of Nigerian crude supplies with the introduction of offers to download raw Kwa patriarchal October despite the continued imposition of force majeure on crude.