Crude prices continue to extend losses on Monday amid speculation that the ongoing turmoil across the Middle East won’t threaten global crude supplies, while the global demand remains weak.
Futures for the North American West Texas Intermediate (WTI) crude for October delivery traded 0.19% lower to $93.48 a barrel on the New York Mercantile Exchange. While the European benchmark Brent crude for October settlement dropped 0.22% to $102.07 a barrel on the ICE Futures Europe exchange based in London.
Crude – Libya
The crude production in Libya rose to 656,000 barrels a day from 612,000 barrels on August 21, according to Mohamed Elharari, a spokesman from the state-run National Oil Corporation, said over the weekend.
The nation’s oil supply remained unaffected after another group seized Tripoli’s international airport. The newly elected parliament won control of the airport despite being targeted by airstrikes last week.
Iraq
In Iraq, the ongoing crisis continues as the nation’s crude remains unaffected. The nation’s southern region and home to almost three-quarters of its crude output remains spared and under the control of the capital Baghdad’s central government.
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The US President Barack Obama’s bid and talks to form a new government Iraq failed after renewed tensions.
Russia
The sanctions imposed on Russia by the European Union showed little affect on the nation’s oil market. Last week, the Russian oil giants Rosneft agreed to buy a 30% stake in Norway’s North Atlantic Drilling Limited for $9.25 per share.
The Russian oil company lacks the technology and equipments for deep water drilling after the new sanctions imposed by the western nations limit technology exports to Russia.
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