Oil Prices for both WTI and Brent were seen trading flat on Friday; with Brent crude on the edge of hitting its biggest weekly decline in three months while WTI crude is expected to drop to its second weekly loss as tensions surrounds the oil-rich region continuous to ease.
The West Texas Intermediate deliveries for October were seen edging 0.02% lower at $106.36 a barrel at the time of writing on New York’s Nymex, while the European benchmark Brent rose slightly higher as futures for November gained 0.16% to $108.94 in London at the same time.
Both WTI and Brent crude reached their biggest gains in three weeks on Wednesday as the US dollar weakened, making foreign investors more interested in the commodity.
Libyan output is expected to rise as much as 800,000 barrels per day (bpd),compared with the production of 1.5 million bpd in April, the director of measurement at Libya’s oil ministry announced.
Meanwhile in Syria, the Syrian government is expected to provide information about its chemical inspectors, the Syrian President Bashar Al-Assad said in an interview with Fox News.
“No problem, we can do it tomorrow,” the Syrian president said in the interview. The United Nations Security Council is expected to finalize plans on how to destroy the country’s chemical weapons.
The Organization of the Petroleum Exporting Countries (OPEC), which produces almost 40% of the globe’s crude oil, is expected to increase its shipments of the commodity by 1.4% to approximately 23.9 million bpd, as Saudi Arabia is expected to increase its output in four weeks to October 5.
OPEC members, excluding Angola and Ecuador are going to boost its crude exports by 320,000 bpd, according to data posted on Thursday.
Visit www.hymarkets.com today and find out more on how you can how you can trade Energy products with only $50.
The post Oil Prices Seen Flat as Middle East Tension Eases appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog