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Operations in Libya's important oil field halted, impacting commodity prices and contract liquidity. Fissures in the OPEC+ alliance highlighted.
The oil market closed higher due to disruptions in operations in Libya and OPEC+'s commitment to stability. The most liquid oil contracts gained momentum and closed higher, with WTI oil for February 2024 rising 3,30% (US$2,32), to US$72,70 per barrel, and Brent for March, traded on the Intercontinental Exchange (ICE), rising 3,11% (US$2,36), to US$ 78,25 a barrel.
Oil, as a fossil fuel, is an important energy commodity in the global market. O crude oil It is a fundamental part of the global economy and is affected by several factors, including geopolitical issues and decisions by large producers. Rising oil prices could impact several industries and consumers around the world.
Oil: Impact of Operations and Red Sea Disruptions
After a discouraging start to the journey, oil changed course and began to rise after the announcement that operations in the oil field El Shahara, one of Libya's largest and most crucial oil fields, has been shut down, according to the Libya Al Ahrar.
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Oanda: New Attacks and Disruptions in Libya Boost Commodity Prices
The company Oanda also mentions that new attacks in the Red Sea have boosted the price of the commodity, along with disruptions in Libya. However, he warns that if these events do not intensify, they do not represent significant upside risks for the price of oil. ‘Brent and WTI are trading at low levels due to abundant supply in the market and fissures in the OPEC alliance+, which has created uncertainty regarding production cuts’.
OPEC+ Statement Reinforces Commitment to Market Stability and Global Economy
However, today OPEC+ issued a statement reinforcing its commitment to market unity and stability, in reference to Angola's departure from the cartel. The text also highlights the group's efforts to strengthen the global economy and overcome challenges, such as the covid-19 pandemic.
Source: CNN Brazil
