The oil market is currently short of around 0.5mln barrels of its usual supply, according to reports.
Disrupted exports from a number of countries have contributed to this shortfall, meanwhile US consumption, the world?s largest oil user, has been notably higher throughout July with America?s stockpiles thought to be around 30mln barrels lighter than a month ago.
Libya, Iraq and the North Sea are among the affected territories which have had either no or limited shipments of oil exported. And it is predicted that the constraints may continue a while longer.
Crude prices have yet to really take off, however, and given the lingering concerns over the level of economic growth ? and therefore oil demand ? in China experts aren?t expecting to see too much of a response in? the market from these supply constraints.?
In London trading Brent Crude futures were up 43 cents to US$107.64 per barrel, while West Texas Intermediary futures changed hands just 17 cents higher at US$104.88.
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