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Oil price rises, conflict in Middle East could cut supply

2024-08-07 10:33:55Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Oil price rises, conflict in Middle East could cut supply

Oil prices rose again by 1% on Tuesday, paring the previous session's loss, amid concerns over the escalating conflict in the Middle East, US services sector data and lower output from the Sharara oil field. of Libya.

Brent crude futures gained 76 cents, or 1%, to $77.06 a barrel, while U.S. West Texas Intermediate crude rose 92 cents, or 1.26%, to $73.86 .

Oil's decline was capped by growing concern that Iran, a major Middle East producer, could retaliate against Israel and the US for the killing of a Hamas leader in Tehran and an Israeli strike that killed a Hezbollah commander in Lebanon. , potentially leading to a wider war zone.

On Monday, at least five Americans were wounded in an attack on a military base in Iraq. It was not clear if the attack was related to the retaliation threats.

Oil was also 'supported' by data showing that services sector activity in the US, the world's biggest oil consumer, rose to four-year lows in July.

The rise in prices also came amid a broader rally in Asian equity markets after they fell on Monday.

Concerns about lower production at Libya's 300,000 bpd Sharara oil field further boosted prices. Field extraction has dropped by about 20% due to the protests.

These production problems have offset some of the previous macro decline in the market, according to experts.

 


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