Oil Prices Retreat After Gaining on Supply Concerns

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© Reuters.

By Alex Ho

Investing.com – Oil prices retreated on Tuesday in Asia after trading higher over the weekend as production were hit in Iraq and Libya.

U.S. lost 0.3% to $58.38 by 12:20 AM ET (04:20 GMT), while International dropped 0.6% to $64.83.

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Oil prices gained earlier in the day amid continuing supply concerns.

Security guards shut down production at the 70,000 barrel a day Al Ahdab field in Iraq at the weekend in an anti-government protest demanding permanent contracts, reports said.

Two major oilfileds in Libya were also shut down on Sunday after forces loyal to Russian-backed Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level, the country’s National Oil Corp (NOC) said.

In other news, of America Global raised its 2020 forecasts on Monday, citing risks related to the Middle East, an improving demand and higher OPEC+ to deepen output cuts.

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Source: Investing.com

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