Oil is recovering from the lowest level in weeks amid the breakdown of Libya’s supplies

Oil prices recovered, on Tuesday, from the lowest levels in weeks after the disruption of crude charging operations in Libya disrupted the impact of concerns about supplies due to weak economic data from China and expectations of high temperatures elsewhere.

Price moves

By 14:17 GMT, Brent crude futures rose 91 cents or 1.2 percent to $ 77.99 a barrel.

US West Texas crude futures increased 95 cents, or 1.3 percent, to $ 74.12.

Brent crude was recorded on Monday, at the settlement, its lowest level since January 9, while West Texas Intermediate crude has recorded its lowest level since January 2.

In Libya, five engineers and source in the shipping sector told Reuters that protesters prevented the loading of oil tankers in the Sidra ports and the Libyan head of Lanuf today, Tuesday, threatening to export about 450 thousand barrels per day.

“If the scope of this turmoil expands, which is not strange when a group or other is targeting the Libyan oil sector, the production of the current National Oil Corporation, which is estimated at 1.4 million barrels per day, will be threatened “.

On the other hand, China, the largest importer of crude oil in the world, announced yesterday, Monday, an unexpected contraction in the activity of manufacturing in January, which increased concerns about the growth of global demand for crude.

“Cautious dealing in a risky environment, along with the numbers of the weak Chinese purchasing directors index that increase concern about the expectations of oil demand in China, all of this may be pressures on oil prices,” said Yip John Rong, an analyst at IG.

It is also expected that the Chinese demand for crude oil will be affected by the latest US sanctions on the Russian oil trade.

“FGI” analysts expect that the refining refineries in Shandong will lose up to one million barrels per day of crude supplies in the near term amid a ban imposed by the Shandong Ports Group on oil tankers subject to US sanctions.

In the United States, weather forecast indicates higher temperatures than normal during the week, which negatively affects the demand for heating fuel after the severe cold has led to high prices of natural gas and diesel in previous sessions.

Financial markets have also been subjected to a larger scale of pressure with increasing interest in the low -cost artificial intelligence model launched by the Chinese company “Deep Cick.