Africa-Press – Angola. Oil prices traded higher yesterday, helped by a persistently tight supply, but the market remains prone to decline on fears that monetary policy adopted by richer countries will send the global economy into recession.
The WTI crude futures contract rose as much as 0.88 percent to $105.22 a barrel, seeing a weekly loss of about 4.0 percent, while the Brent contract rose 1.11 percent to 111, $25, accumulating losses of 2.0 percent for the week.
The oil market was helped by comments from the Libyan Oil Minister, who said on Thursday that the chairman of the National Oil Corporation was withholding data on the country’s production.
Earlier this week, he declared that Libyan oil production had increased over the previous period to between 700,000 and 800,000 barrels a day, but those figures remained in doubt as political tensions and protests in energy fields and ports have severely reduced production in that country, home to Africa’s largest oil reserves.
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