28 Dec

Oil Trades Above $59 as Libyan Output Falls After Pipeline Blast

Oil traded above $59 a barrel as crude production in Libya fell below 1 million barrels a day after a pipeline explosion Tuesday.

Futures were little changed in New York after slipping for the first time in more than a week Wednesday. While the halt at the pipeline that carries crude to Libya’s biggest export terminal will keep output below the cap it agreed to last month, it is said to need about a week for repairs.

Meanwhile, the American Petroleum Institute was said to report U.S. inventories dropped last week. Government data is also forecast to show stockpiles declined.

Oil is heading for a second yearly advance as the Organization of Petroleum Exporting Countries and its partners including Russia extended supply curbs through the end of 2018. The disruption in the North African nation lifted prices to the highest level in more than two years on Tuesday, offsetting the impact from the return of a major U.K. North Sea pipeline after a shutdown.

“Oil’s rally on the pipeline explosion in Libya may be short-lived as it’s been reported that the repair may not take too much time,” Kim Yumi, a Seoul-based market strategist at Kiwoom Securities Co., said by phone. “We will continue to see prices easing and then being elevated again because while falling stockpiles support prices, rising U.S. production will restrain any increase.”

West Texas Intermediate for February delivery was at $59.82 a barrel on the New York Mercantile Exchange, up 18 cents, at 8:37 a.m. in London. Total volume traded was about 35 percent below the 100-day average. The contract dropped 33 cents to $59.64 Wednesday.

Brent for February settlement, which expires Thursday, added 20 cents to $66.64 a barrel on the London-based ICE Futures Europe exchange after falling 0.9 percent Wednesday. The global benchmark crude traded at a premium of $6.83 to WTI. The more-active March contract was 21 cents higher at $66.20.

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05 Dec

Nigeria: FG – 3,000 Nigerian Migrants Repatriated From Libya

Abuja — The federal government has revealed that no less than 3,000 Nigerians have so far been repatriated from Libya in the wake of recent slave trading in that country.

The government said only last week, 250 Nigerians were repatriated also from Libya.

Charge d’Affaires of Nigeria in Libya, Mr Illiya Danladi Fachano, made the disclosure yesterday in Abuja, while addressing the Charles Oputa, alias Charly Boy-led group, “OurMumuDonDo”, who had converged on the Ministry of Foreign Affairs, Abuja, to urge the government to act quickly in order to save the lives of Nigerians trapped in Libya.

“Good morning everybody. Like the man introducing me, I am the Charge d’Affaires. In other words, the Nigerian Head of Mission to that country. “I exist there to serve the interest of Nigerians. I am here by this opportunity you have created to tell you that the mission repatriates migrant Nigerians; every week, 250,” Fachano said.

The envoy disclosed further that another batch of 250 Nigerian migrants would be repatriated to the Nigeria tomorrow. “They are going to arrive Lagos at 7p.m. If it is not 7p.m, it is because the plane is delayed for one reason or the other,” he added.

He disclosed that the mission usually visits every week, the detention camps where illegal Nigerian migrants are detained. He added that other nationalities such as Ghanaians and Gambians, were also detained at the camps, saying that the mission visits the camps to identify Nigerian citizens and get them registered.

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06 Jul

Oil slides as OPEC exports rise, prices end 8 days of gains

Oil prices tumbled about 4 percent on Wednesday, ending their longest string of daily gains in more than five years, as climbing OPEC exports and a stronger dollar spurred selling.

Brent crude futures LCOc1 settled down $1.82, or 3.7 percent, at $47.79 a barrel. Prices had climbed for eight straight sessions to Monday.

U.S. West Texas Intermediate crude CLc1 fell $1.94, or 4.12 percent, to settle at $45.13 a barrel.

“It’s a transition from being overbought for a while,” said Tyche Capital Advisors senior research analyst John Macaluso.

“I really don’t think it’s too much fundamentals driving the move today – seems more like a reversal of the trend. Eventually someone comes out of the market and everyone follows and you have to take profits.”

Prices pared losses in post-settlement trade after data from industry group the American Petroleum Institute showed U.S. crude inventories fell 5.8 million barrels in the week to June 30 to 503.7 million barrels, exceeding forecasts for a draw of 2.3 million barrels. [API/S] The API data, normally released Tuesday, was delayed by the U.S. Fourth of July holiday.

Official data from the U.S. Department of Energy is due on Wednesday at 11:00 a.m. EDT (1500 GMT), also delayed a day. [EIA/S]

Oil traders hope vacationing motorists heading for the beach in July will help U.S. gasoline demand heat up along with sweltering summer temperatures, helping drain crude inventories.

Oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June, Thomson Reuters Oil Research data showed.

OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier.

The rise came despite OPEC’s vow to rein in production until March 2018 and came on the heels of Reuters’ monthly OPEC production survey which found output jumped to a 2017 high last month as Nigeria and Libya continued to pump more. Both OPEC members are exempt from the output cut deal.#

Read More: Reuters Africa