Brent crude fell to $45,34 on the strong production growth in Libya

Moscow. November 27. Oil prices decline during trading on Friday on the prospects of growth of fuel supplies from Libya, reducing the first weekly gain in a month, reports Bloomberg.

The cost of the January futures for Brent crude on London’s ICE Futures exchange at 9:07 Moscow time has decreased on $0,12 (0,26%) – to $45,34 per barrel. By the close of market on Thursday, the contract price fell by $0,71 (1,54%) – to $45,46 per barrel.

Futures price for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time by $0,55 (1,28%) to $42,49 per barrel. On Thursday, trade was conducted from celebrating U.S. thanksgiving.

Since the beginning of the week Brent rose by 1.8%, WTI – by 5.2%.

As the head of Libyan oil Corporation National Oil Corp. Mustafa Sanalla, the country began a meeting of the special Committee with the aim to resume the functioning of export terminals and oil production at the Sharara and Elephant fields.

Together, these two fields can give about 440 thousand barrels per day, and production may reach full capacity within a week after resuming operations, added Canalla. Work in the fields was suspended about a year ago because of security threats from armed groups.

“If Libya resumes production, it will become another factor that increases the surplus of oil on the world market, said an analyst at Samsung Futures Hong sung Ki. – The impact of geopolitical tensions between Russia and Turkey on oil prices is rather limited”.