Crude oil prices were seen trading slightly higher during the late Asian trading session on Tuesday, while traders focus on the turmoil in Libya as oil production from the country dropped to 10% of its capacity.
The West Texas Intermediate crude oil advanced 0.13% higher, trading at $94.72 per barrel, while the European benchmark crude Brent gained 0.14% at $106.41 per share at the time of writing.
The American Petroleum Institute (API) is expected to release its report of the US crude oil inventories for last week and the US Energy Information Administration (EIA) will release its report on Wednesday.
Crude Oil Prices – Libya
Members of Libya Petroleum Facilities Guard shut down the eastern port and three other terminals earlier in July in order to demand more funds and equipments from the government.
The country said it was looking forward to resuming its oil exports from its Hariga port, but Libya’s current shipment level dropped to approximately 150,000 – 200,000 barrels per day from its capacity of 1.25 million barrels per day registered in the first half of this year.
Libya is a member of the Organization of the Petroleum Exporting Countries (OPEC) and a holder of Africa’s largest oil reserves according to the EIA.
Crude Oil Prices – Market movers
The Reserve Bank of Australia (RBA) left its benchmark lending rate unchanged at 2.5% on Tuesday, to boost the economy from its weak condition. Glenn Stevens, Governor of the Reserve Bank of Australia (RBA) said that “the economy has been growing a bit below trend over the past year and the unemployment rate has edged higher.”
Meanwhile, HSBC Purchasing Managers’ Index (PMI) for China’s service sector rose to 52.6 points in October, up from the previous record of 52.4 points in September.
Oil producer Andarko Petroleum Corporation posted a rise in its net income, up by 50% to $182 million in the fourth quarter of this year, climbing from $121 million, while the company’s revenue advanced by 16% to $3.9 billion in the same period on an annual basis.
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