Oil: the Blockade of Libyan ports may bring down the prey

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The price of oil (September futures) to 13.27 GMT on 3 July increased by 1% to 78,09 dollars per barrel for Brent.
The market of “black gold” is adjusted upward after falling on the eve of more than 2%. Support comes from the Libyan news where the national oil company of Libya has declared force majeure due to the blocking of shipment of raw materials from the ports Zuetina and Hariga. In this regard, Libya’s oil production could fall to 850 thousand barrels per day, if the blockade of Eastern ports will continue.
In addition, the Ministry of energy of the Russian Federation and Saudi Arabia discussed by telephone the situation in the oil market have agreed to continue coordinating actions, and also discussed their countries ‘ plans in the light of the objectives of OPEC to increase oil production by 1 million barrels per day. The conversation took place, apparently, for “verification of hours” after controversial tweets about trump’s alleged agreement with the Saudis to increase oil production by 2 million barrels a day.
The ruble on Tuesday, also tries to be adjusted upwards, although these attempts are inactive against the backdrop of persisting inflationary risks and a cautious attitude of investors to risky assets.
The dollar 13.19 MSK decreased by 0.3 percent to 63.24 of the ruble, the Euro by 0.1% to is 73.72 ruble.
Until the end of the day, the U.S. currency will fluctuate in the range for 62.7-63.7 per ruble, the Euro – in the hallway, and 73.1-74.3 per ruble.
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Ivan Marchena,
Analyst
GK Forex Club