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Oil prices fell on Tuesday as investors weighed simmering geopolitical tensions in several regions with supply disruptions in the United States and the return of production in Libya.
Brent crude futures fell 62 cents, or 0. 8%, to $79. 44 a barrel, while U. S. West Texas Intermediate (WTI) crude futures. They lost 63 cents, or 0. 8%, to $74. 13 a barrel.
Brent slipped back below $80 a barrel after settling above the threshold on Monday for the first time since Dec. 26.
Prices had risen about 2% on Monday after a Ukrainian drone attack on Novatek’s fuel export terminal in Ust-Luga, near St. Petersburg, Russia’s second-largest city, raised concerns about the sources.
“The Array attack. . . it’s a timely reminder that a bigger, more influential war is being fought,” said John Evans, an analyst at PVM.
Tensions have also risen in the Middle East, where U. S. and British forces carried out a moment of joint moves against Houthi positions in Yemen on Monday night.
In Libya, production from the 300,000-barrel-per-day Sharara oil field resumed on 21 January following the end of protests that had halted production since the beginning of the month.
But the source’s return could be offset by persistent outages in the U. S. In the U. S. , due to excessive cold. Up to 20% of North Dakota’s oil production is still shut down Monday, the state’s pipeline authority said.
Weather-related shutdowns over the past week may simply lead to a decline in crude inventories in Tuesday’s weekly report from the American Petroleum Institute (API), PVM’s Evans added.
A Reuters vote suggests U. S. crude oil inventories would fall by about 3 million barrels in the week leading up to Jan. 19.
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