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Home » Brent over $100 with lifting force majeure on Libyan oil fields and ports

Brent over $100 with lifting force majeure on Libyan oil fields and ports

Monday, July 18, 2022 Oil & Gas 1 Min Read
Libya to prioritize $3bn Mellitah offshore project

Brent crude futures for September settlement rose 69 cents, or 0.7 percent, to $101.85 a barrel, after rising 2.1 percent on Friday.

US West Texas Intermediate crude futures for August delivery also rose 27 cents, or 0.3 percent, to $97.86 a barrel, after rising 1.9 percent in the previous session.

This rise was supported by a weak dollar and tight supplies, which offset fears about a recession and the possibility of a large-scale shutdown of Covid-19 in China, which again reduced the demand for fuel.

This rise came, while Farhat Bengdara, head of the Libyan National Oil Corporation in Libya, announced Friday the end of the closures in all oil fields and ports and the lifting of force majeure.

 

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