Supply Issues Continue To Pressure On Oil Market, Prices Rise 2% At The Beginning Of The Week!

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 Crude oil maintained its gains earlier in the week as side issues about tightening supplies continued to weigh on the market.


During the Asian session, Brent crude futures traded steady at $ 113 a barrel, while US WTI traded little changed at $ 110 a barrel.


Both benchmarks were up 2% at the beginning of the week.


According to the latest developments, Norwegian oil and gas workers began a strike on Tuesday that is expected to cut around 130,000 barrels or 6.5% of the country’s daily oil production.



In addition, OPEC+ is also struggling to pump more crude oil due to lack of investment, capacity limits and political unrest in some member countries.


According to a survey conducted by Reuters, the world's leading petroleum exporting organization has failed to achieve additional production targets in June.


One of OPEC members struggling with political turmoil at the moment is Libya, where authorities announced force majeure at the ports of Es Sidr and Ras Lanuf as well as the El Feel oil field on Thursday, saying oil production fell by 865,000 barrels a day.


Meanwhile, UK Prime Minister Boris Johnson urged Saudi Arabia to increase oil production in an effort to reduce soaring fuel prices.

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