Oil prices have increased in the wake of a dip in US commercial crude stockpiles and a supply disruption in Libya.

Brent crude futures, the international benchmark, jumped 70 cents to reach $75.78 a barrel, while US light crude climbed 60 cents, trading at $65.67, Reuters reported.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to data released by industry group the American Petroleum Institute, US crude inventories declined three million barrels to touch 430.6 million barrels in the week ending 15 June.

The dip in the Libyan supplies was caused by the loss of an estimated 400,000 barrels of storage capacity after militant attacks on Ras Lanuf and Al-Sidra.

Investors are wary ahead of a meeting to be held in Vienna, Austria, between the Organization of the Petroleum Exporting Countries (OPEC) and Russia to decide future production policy.

Major oil producers Saudi Arabia and Russia are inclined to raise output, while other OPEC-members, including Iran, are not keen on the move as they fear any increase in production could pull down the 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.
“Unlike previous meetings, the run up to this OPEC meeting is fraught with uncertainty with Iran from the onset adopting a very entrenched opposition to any supply increase.”

The OPEC-led producers group has been implementing supply cuts since January last year.

French bank BNP Paribas global oil strategy head Harry Tchilinguirian was quoted by the news agency as saying: “Unlike previous meetings, the run up to this OPEC meeting is fraught with uncertainty with Iran from the onset, adopting a very entrenched opposition to any supply increase.”

According to Cantor Fitzgerald Europe oil and gas research analyst Jack Allardyce, OPEC would agree to step up output by 300,000-600,000 barrels per day.

Another major factor impacting oil prices is the escalating tensions between the US and China regarding trade tariffs on products, including US crude oil.

China threatened to impose a 25% duty on US crude oil imports in response to duties announced by the US administration on Chinese imports.