Crude oil prices fell by about 5% this week as Libyan ports reopen


Crude oil prices fell by about 5% this week as Libyan ports reopen

Oil prices have fallen around 5 percent during this week as Libyan ports reopen and amid hopes that Iran will still export some crude despite US sanctions.

Crude Oil approached $75 a barrel in July due to Libyan and Venezuelan supply disruptions and fears the United States would press all buyers of Iranian oil to cut imports to zero from November.

However, prices weakened in recent days as OPEC member Libya reopened its ports in the east and U.S. Secretary of State Mike Pompeo said Washington would consider granting waivers to some of Iran’s crude buyers.

Crude also slid amid broader market fears that a US-China trade dispute could hit global economic growth. The International Energy Agency (IEA), however, raised expectations for a global shortage in crude supplies on Thursday as the energy watchdog warned of a potential capacity crunch amid a rise in output from Middle East Gulf countries and Russia. Read More

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