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

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..