yolowire.com - Prices for crude Oil are tracking for a weekly gain amid rising supply concerns as output in Libya remains constrained and fears grow over a regional war erupting across the Middle East.
Additionally, Iraq has announced plans to curb its oil production, adding to the rising supply concerns among energy analysts and traders.
These concerns are offsetting continued weak demand in China.
Brent crude oil, the international standard, is currently trading at $79.73 U.S. per barrel, having risen from as low as $75 U.S. earlier in August.
West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is presently trading at $75.73 U.S. a barrel. The two crude oil benchmarks are up 1% and 1.4% respectively for the week.
The weekly gain comes as more than half of Libya's oil production, about 700,000 barrels per day (bpd), remains offline amid ongoing political turmoil in the North African nation.
Analysts at Rapidan Energy Group forecast that production losses in Libya could reach one million barrels per day and last several more weeks.
At the same time, Iraq has announced that it plans to reduce its oil output by as much as 3.90 million barrels per day in September.
There are also media reports that the OPEC+ cartel plans to extend its current production cuts to help stabilize prices, and worries that the ongoing war between Israel and Hamas will escalate into a regional war in the Middle East.