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Oil extend losses into 3rd day on U S stock build, pandemic fears | Hellenic Shipping News Worldwide

Oil extend losses into 3rd day on U.S. stock build, pandemic fears Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled. Brent crude futures fell 20 cents, or 0.3%, to $65.12 a barrel by 0527 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.3%, at $61.14 a barrel, after losing $1.32 on Wednesday. Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down about 3% so far this week.

Oil eases as Libya output decline offsets risks to Asian demand

Oil eases as Libya output decline offsets risks to Asian demand
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OPEC says NOPEC bill could put U S overseas assets, personnel at risk

By Syndicated Content Apr 22, 2021 1:08 PM LONDON (Reuters) – U.S. assets and personnel overseas could be at risk if the country decided to pass a bill against OPEC, known as NOPEC, the head of the Organization of the Petroleum Exporting Countries told member states. In a letter, seen by Reuters, Mohammad Barkindo encouraged member countries to engage with the U.S. administration. “It is essential that member countries reinforce diplomatic bilateral contacts with government officials in the U.S. … and explain the disadvantages for the U.S. should the NOPEC bill become law”. “These disadvantages might include: weakening the immunity principle at a global level, putting at risk U.S. interests overseas, and the protection for their personnel and assets,” the letter said.

Libya s oil production short of 300,000 barrels per day due to debt

April 22, 2021 at 7:26 pm | Published in: Africa, Libya, News Libya s National Oil Company in the northern town of Ras Lanuf, on 3 June 2020 [AFP via Getty Images] April 22, 2021 at 7:26 pm The National Oil Corporation in Libya (NOC) announced on Thursday that the country s crude oil production would decrease to one million barrels per day, compared to 1.3 million a few days ago, due to the accumulation of debts of companies operating in the sector. Chairman of the National Oil Corporation Mustafa Sanalla told officials in the Libyan crude oil sector during Thursday s meeting that production is likely to further decline in the coming days due to debts and the inability of companies to continue production, according to a statement issued by the NOC.

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