Oil prices stabilized, on Tuesday, after suffering losses of nearly 3 percent in the previous session with the resumption of supplies in Norway and the Gulf of Mexico in the United States and Libya, while the International Energy Agency expected global energy demand to decrease 5 percent this year.
US West Texas Intermediate crude futures rose 4 cents to 39.47 dollars a barrel by 04:48 GMT, and Brent crude futures increased 4 cents to 41.76 dollars a barrel.
Oil prices are under pressure due to fears of a return of supplies, while the increase in Covid-19 cases in the American Midwest and Europe raises concerns about the growth in fuel demand, which represents a challenge to OPEC and its allies in what is known as OPEC +.
With the return of workers to the drilling rigs in the Gulf of Mexico in the United States after Hurricane Delta, as well as the return of workers in Norway to the drilling rigs after ending a strike, all eyes are on Libya, a member of OPEC, after the status of force majeure in the El Sharara field was lifted.
On Monday, Libya’s total production reached 355,000 barrels per day, and the field was producing 300,000 barrels per day before the blockade that was imposed on it.
OPEC + has reduced supplies to support prices amid the Corona pandemic and is cutting supplies by 7.7 million barrels per day until December, and the group’s market monitoring committee meets next Monday.
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