Oil Holds Steady as US Stock Draw Falls Short, Libya Supply Disrupted

29 Aug 2024 CW Team

Oil prices remained largely stable due to a smaller-than-expected decline in US crude inventories and on-going concerns about demand from China, which offset supply disruptions in Libya.

Brent crude futures saw a minor decrease of 1 cent, or 0.01 per cent, settling at $78.64 per barrel as of 0043 GMT, whereas US West Texas Intermediate crude futures increased by 8 cents, or 0.1 per cent, to $74.60.

Both contracts had fallen by more than 1 per cent the previous day after it was reported that U.S. crude inventories had decreased by 846,000 barrels to 425.2 million barrels, a reduction that was less than the 2.3 million barrels predicted by analysts in a Reuters poll.

Despite the losses, concerns about supply disruptions from Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), helped limit further declines. Several Libyan oil fields had suspended production due to a struggle for control over the country's central bank. One consulting firm estimated that output disruptions could range from 900,000 to 1 million barrels per day for several weeks. Libya’s production in July was approximately 1.18 million barrels per day.

ANZ Research noted that supply-side issues were continuing to impact the market, stating that Libyan output had more than halved that week due to a political dispute, and further declines in output were possible as more fields might close.

Additionally, oil prices were supported by expectations that the US central bank might begin cutting interest rates next month. Federal Reserve Bank of Atlanta President Raphael Bostic mentioned that with inflation decreasing and unemployment rising more than anticipated, it could be appropriate to lower rates. Such cuts would reduce borrowing costs, potentially boosting economic activity and increasing oil demand.

Infrastructure Urban

15 Apr 2025

Andhra Pradesh to Develop 30,000 Women-Led Enterprises by 2025

The Municipal Administration and Urban Development (MAUD) Department is accelerating efforts to create sustainable livelihoods for women in urban areas, in line with Chief Minister Nara Chandrababu Naidu’s goal of fostering one lakh women entrepreneurs by 2025. Under this initiative, the MAUD Department has set a target to establish 30,000 women-led enterprises across towns and cities in Andhra Pradesh. To support this vision, the department plans to establish Micro, Small & Medium Enterprises (MSMEs) for women in TIDCO housing complexes. Vacant plots across 163 colonies have been earmarked ..

G Kishan Reddy discusses mining expansion, clearances with Chhattisgarh CM

Coal and Mines Minister G Kishan Reddy met Chhattisgarh CM Vishnu Deo Sai on Friday to expedite land acquisition and environmental clearances for mining projects. Reddy, who was on a two-day visit to review operations at South Eastern Coalfields Ltd (SECL), discussed measures to boost mining-led economic growth in the state. Key topics included speeding up land acquisition for mine expansions, obtaining quicker environmental approvals, and setting up integrated rehabilitation and resettlement sites. The minister also highlighted the importance of developing critical minerals in the region, alo..

NITI Aayog's Vision for India's Auto Industry

NITI Aayog has launched the report titled "Automotive Industry: Powering India’s Participation in Global Value Chains," offering a roadmap for the country’s automotive future. Released by Shri Suman Bery, Vice Chairman, the report outlines key strategies to grow India’s automotive sector to $145 bn in component production by 2030. India is currently the fourth-largest automobile producer globally, but with only a modest three per cent share in the global automotive component market. The report emphasises the need to strengthen India’s position through competitive manufacturing, skill d..

Oil Holds Steady as US Stock Draw Falls Short, Libya Supply Disrupted

Andhra Pradesh to Develop 30,000 Women-Led Enterprises by 2025

G Kishan Reddy discusses mining expansion, clearances with Chhattisgarh CM

NITI Aayog's Vision for India's Auto Industry

Latest Updates

Advertisement

Recommended for you

Advertisement

Subscribe to Our Newsletter

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address