{"id":45183,"date":"2024-09-04T18:26:35","date_gmt":"2024-09-04T18:26:35","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-1-amid-improved-supply-outlook-recession-concerns"},"modified":"2024-09-04T19:00:47","modified_gmt":"2024-09-04T19:00:47","slug":"oil-prices-down-1-amid-improved-supply-outlook-recession-concerns","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-1-amid-improved-supply-outlook-recession-concerns","title":{"rendered":"Oil prices down 1% amid improved supply outlook, recession concerns"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices fell by 1% on Wednesday following the efforts to resolve Libya oil field shutdown crisis and recession fears in the US, while ongoing disputes in the Red Sea limit further price declines.<\/p>\n

International benchmark Brent crude decreased 1% to $72.75 per barrel at 10.39 a.m. local time (0739 GMT), down from the previous session’s close of $73.50.<\/p>\n

US benchmark West Texas Intermediate (WTI) fell 1.1% to $68.99 per barrel, after closing at $69.78 in the prior session.<\/p>\n

Oil prices declined amid rising expectations that the decision to suspend oil production in Libya could be reversed.<\/p>\n

The UN Support Mission in Libya (UNSMIL) said it hosted separate talks on Monday in Tripoli to resolve a crisis surrounding the Central Bank of Libya.<\/p>\n

The discussions were concluded with “significant understanding” to address the crisis and restore the confidence of Libyans and international partners in the vital institution.<\/p>\n

“They further agreed to submit the draft agreement to their respective Chambers for review, with the aim of finalizing and signing the agreement on Tuesday,” UNSMIL added.<\/p>\n

These compromises have eased market players’ concerns about possible supply shortages, putting downward pressure on oil prices.<\/p>\n

Meanwhile, macroeconomic data released in the US on Tuesday, supported the predictions the world’s largest oil consuming country could go into recession and caused prices to decline.<\/p>\n

The US Institute of Supply Management’s (ISM) Manufacturing Purchasing Managers Index (PMI) rose to 47.2 in August, but remained below market expectations. S&P Global’s manufacturing PMI came in at 47.9 in August, slightly below estimates.<\/p>\n

After the PMI data, which indicated the continuous contraction in the manufacturing sector, the US 10-year Treasury bond yield fell 4.83%, down 9 basis points.<\/p>\n

On the other hand, ongoing conflicts in the Red Sea, a major route for oil and fuel shipments, limit further price decreases by heightening concerns about supply disruptions.<\/p>\n

Yemen\u2019s Houthi group said Monday that it targeted an oil tanker in the Red Sea with drones and missiles for breaching its embargo on vessels entering Israeli ports.<\/p>\n

The Houthis have been targeting Israeli-linked cargo ships in the Red Sea and Gulf of Aden in solidarity with the Gaza Strip, which has been under an Israeli onslaught since Oct. 7 last year.\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n

For More News And Analysis About Mauritius Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices fell by 1% on Wednesday following the efforts to resolve Libya oil field shutdown crisis and recession fears in the US, while ongoing disputes in the Red Sea limit further price declines. 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