NEW YORK, March 5 (Xinhua) -- Oil prices were mixed on Tuesday as continued signs of crude production curbs underpinned the market, while the gains were capped by news that Libya has reopened its largest oil field.
The West Texas Intermediate for April delivery decreased 0.03 dollar to settle at 56.56 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 0.19 dollar to close at 65.86 dollars a barrel on the London ICE Futures Exchange.
Energy prices gained support from signs that the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers were delivering on promised production curbs, which indicated a tightening global supply.
Last December, OPEC and other major oil producers, including Russia, pledged to cut production by 1.2 million bpd in order to prop up prices, effective from this January.
The prices were pressured as news reports said that Libya has reopened Sharara oil field, the largest in the country.
Libya's state-owned National Oil Corporation (NOC) on Monday announced lifting the state of force majeure on Sharara oil field and confirmed resuming production in the field, which has the capability of producing over 300,000 barrels of crude oil daily.
In December 2018, the NOC declared force majeure in Sharara oil field, following forced closure of the field by an armed group.
The West Texas Intermediate for April delivery decreased 0.03 dollar to settle at 56.56 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 0.19 dollar to close at 65.86 dollars a barrel on the London ICE Futures Exchange.
Energy prices gained support from signs that the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers were delivering on promised production curbs, which indicated a tightening global supply.
Last December, OPEC and other major oil producers, including Russia, pledged to cut production by 1.2 million bpd in order to prop up prices, effective from this January.
The prices were pressured as news reports said that Libya has reopened Sharara oil field, the largest in the country.
Libya's state-owned National Oil Corporation (NOC) on Monday announced lifting the state of force majeure on Sharara oil field and confirmed resuming production in the field, which has the capability of producing over 300,000 barrels of crude oil daily.
In December 2018, the NOC declared force majeure in Sharara oil field, following forced closure of the field by an armed group.
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