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Brent Crude Rises 1.5% Amidst Red Sea Tensions

2024/01/04 00:01

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Oil prices experienced a 1.5% surge as tensions heightened in the Red Sea, driven by protests halting production in Libya's largest oil field.

Protesters Disrupt Libya’s Top Oil Field

Concerns over crude supply intensified as Libya's largest oil field ceased production due to protests, causing a 1.5% increase in oil prices.

Protesters’ Demands Lead to Production Halt

A group of protesters, demanding jobs, a new refinery, and other services, entered the facility in 20 vehicles. Production, at 270,000 barrels per day, halted as tensions rose.

Warning from National Oil Corp. Sparks Concerns

The move followed a warning from Libya’s National Oil Corp., hinting at a full production halt and force majeure if protester demands weren't met.

Oil Prices React: Brent Up 1.4%

Brent crude rose by more than 1.4% to $77.17, and West Texas Intermediate (WTI) gained 1.35% to $71.33 a barrel on Wednesday.

Upward Trend Since Red Sea Attacks

Oil prices rose by $2 in the week following Houthi rebel attacks in the Red Sea, causing concerns over potential disruptions to crucial oil transportation waterways.

Geopolitical Tensions Offset Economic Concerns

Despite limited trading range in 2024 due to Middle East tensions, immediate US economic worries briefly overshadowed Red Sea tensions on the first trading day of the year.

OPEC’s February Meeting

OPEC producers plan to discuss the ongoing production cut policy in February. However, analysts suggest limited room for further reductions.

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