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.

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