25/09/2014
Increase exports from Iraq, Libya and Nigeria put pressure on prices
Oil falls towards $ 96 with an oversupply
Oil fell towards $ 96 a barrel yesterday after the squandered increased supplies from Africa and Iraq, the impact of the growing tensions in the Middle East and better-than-expected data from China.
Pressed and weak economic data from Europe increase oil exports from Iraq, Libya and Nigeria on crude prices, which have fallen almost 14 percent this quarter.
According to "Reuters", the Brent crude fell delivery in November (November) 30 cents to 96.54 dollars a barrel, while the decline in Brent by more than 6 percent this month, its biggest drop since April 2013, while the crude five cents to 91.50 dollars a barrel.
Libya produces 800 thousand barrels per day, up 14 per cent on Sunday after the resumption of production from the field spark oil, while the exports from Iraq harbors South 2.58 million barrels per day on average, according to data navigation for 23 days the first of September, up from 2.38 million barrels per day on average in August.
An official in the National Oil Corporation of Libya said yesterday that the country's production of 900 thousand barrels per day at the moment, although the main field of the spark produced 200 thousand barrels per day.
The official said the oil refinery field corner, which is fueled by the spark crude has returned to work after closure due to damage caused to the storage tanks during the fighting between armed groups.
It is expected that Nigeria's oil exports recorded their highest levels in 14 months in November (November) which adds more light crude to the market already enjoyed a good supply.
Said Ben Le Brun markets analyst at options Express in Sydney that oil prices have not been able to benefit from the support of the manufacturing data in China yesterday if issued after weak data for the European manufacturing sector.
And subjected to pressure oil prices, was not able to even the American manufacturing activities, which reached the highest level in four and a half years this month, and tensions in the Middle East to change the direction of the market.
