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LequteMan
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Crude oil prices on Friday ended a 3-day bull and depreciated, due to the strengthening of US dollars after it was perceived that the US Federal Reserve will raise rates again.
Global benchmark Brent crude futures were down 32 cents at $47.76 a barrel at 0833 GMT while U.S. West Texas Intermediate crude futures traded at $46.20 a barrel, down 50 cents day on day.
The loss was however mitigated after Exxon Mobil declared force majeure on Nigerian Qua Iboe crude exports following mechanical problems with a pipeline. Brent futures turned positive after the announcement.
Nigerian oil output is currently down to a 22 year low due to outages, caused by attacks on oil installations by militants.
"We expected more supply disruptions out of Nigeria this week but the pace of new supply problems from that country beats our expectations," Petromatrix oil analyst Olivier Jakob said.
According to him, Nigerian production was unlikely to be much above 1 million bpd.
Production losses in Nigeria added to ongoing outages in Canada where wildfires forced the closure of oil sands facilities and declarations of force majeure from at least four major oil firms.
Reuters
Global benchmark Brent crude futures were down 32 cents at $47.76 a barrel at 0833 GMT while U.S. West Texas Intermediate crude futures traded at $46.20 a barrel, down 50 cents day on day.
The loss was however mitigated after Exxon Mobil declared force majeure on Nigerian Qua Iboe crude exports following mechanical problems with a pipeline. Brent futures turned positive after the announcement.
Nigerian oil output is currently down to a 22 year low due to outages, caused by attacks on oil installations by militants.
"We expected more supply disruptions out of Nigeria this week but the pace of new supply problems from that country beats our expectations," Petromatrix oil analyst Olivier Jakob said.
According to him, Nigerian production was unlikely to be much above 1 million bpd.
Production losses in Nigeria added to ongoing outages in Canada where wildfires forced the closure of oil sands facilities and declarations of force majeure from at least four major oil firms.
Reuters
