Oil prices eased on Tuesday as investors appeared to shrug off earlier supply co...
SINGAPORE - Oil prices eased on Tuesday as investors appeared to shrug off earlier supply concerns following a force majeure declared by Libya on two major oilfields amid a military blockade.
“Every time we get a big geopolitical event, the market spikes up but everybody looks at that as a chance of a selling opportunity,” said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. If Libyan exports are halted for any sustained period, storage tanks will fill within days and production will slow to 72,000 barrels per day , an NOC spokesman said. Libya has been producing around 1.2 million bpd recently.
“We are caught in this trading range,” Nunan said. “Anything below and OPEC is going to have a tough time balancing their budgets ... and anything above, shale will rebound.”
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