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Crude oil market rebounds amid supply concerns and market recoveryThe uptick in prices is underpinned by a notable decline in global oil inventories, which decreased by approximately 400,000 barrels per day in the first half of the year, according to the US Energy Information Administration (EIA). |
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Global crude oil prices closed higher on 06 August, rebounding from multi-month lows as investor focus shifted to tightening supplies and a recovery in financial markets.
Brent edged up by 18 cents, or 0.2%, to settle at $76.48/barrel.
WTI futures gained 26 cents, or 0.4%, to close at $73.20/barrel.
The uptick in prices is underpinned by a notable decline in global oil inventories, which decreased by approximately 400,000 barrels per day in the first half of the year, according to the US Energy Information Administration (EIA).
Adding to the supply concerns is the situation in Libya, where production at the 300,000 bpd Sharara oilfield is being curtailed. Libya's National Oil Corp announced on Tuesday that it would begin gradually reducing output at the field due to ongoing protests.
Written by: Rochelle Nguyen
