The price of Brent crude declined below $97 a barrel today due to excess supply and a strong US dollar, which outweighed concerns over growing political tensions in the Middle East.

Reuters reported that Brent declined 25 cents to $96.70 a barrel and US crude was down 10 cents to settle at $92.70 a barrel.

"Brent declined 25 cents to $96.70 a barrel and US crude was down 10 cents to settle at $92.70 a barrel."

Escalating tensions in the Middle East and North Africa have raised concerns over a potential oil production disruption in several Organization of the Petroleum Exporting Countries (OPEC) regions.

Despite an attack by a war plane on the Libyan port of Benghazi on Wednesday, the country’s total national production has gone up.

A National Oil official was quoted by Reuters as saying that Libya’s oil production has increased to 900,000 barrels per day (bpd) from 800,000 bpd earlier in the week.

OPEC secretary-general Abdullah al-Badri said last week that the group plans to decrease its output target due to declining prices.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, United Arab Emirates oil minister Suhail bin Mohammed al-Mazroui said earlier this week that the plan was premature to be taken before the OPEC meeting, which is scheduled in November.

According to data from the Energy Information Administration, US crude stockpiles declined suddenly last week since the imports dropped to their lowest level in four months.

Although analysts expected an increase of 386,000 barrels, crude inventories declined 4.3 million barrels in the week ending 19 September.