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Increased exports to countries such as Libya and Nigeria Concerns caused crude oil prices to close lower on Friday and hit their lowest closing price in more than a month. The ambiguous attitude of oil-producing countries towards the informal meeting to be held next week also makes the prospects of the production freeze agreement worrying, and the crude oil market is under pressure.
Crude oil futures ended lower on Friday, hitting their lowest close in more than a month as traders forecast higher crude exports from Libya and Nigeria. The price of U.S. crude oil futures for January delivery on the New York Mercantile Exchange fell by cents to close at $3.3 per barrel, a drop of 2.0 cents, setting the lowest closing price since March and a cumulative decline last week. The price of North Sea Brent crude oil futures for January delivery on the European Futures Exchange in London also fell by cents to close at .USD/barrel, a decrease of .
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Both Nigeria and Libya are preparing to increase crude oil exports, which may put pressure on the crude oil market.
Royal Dutch Shell and Exxon Mobil have both canceled force majeure clauses on Nigerian exports after militant activities disrupted crude supplies in the country. At the same time, ANZ Banking Group said that Libya’s National Oil Company also lifted export restrictions at three ports last Wednesday. "Expectations are growing that crude exports from Nigeria and Libya will rise after the two OPEC countries' exports were hit by geopolitical tensions," said Hodel, a commodities analyst at Schneider Electric. decline due to influence. This extra supply drives crude oil prices lower.
At the same time, an informal meeting will be held in Algeria from March to July to negotiate an agreement on an output freeze. Colin Chisinski, chief market strategist at Market Research, believes that the drop in crude oil prices last Friday shows that the market is already less hopeful about the prospects of an agreement between member states and Russia, and now expectations are even greater. has declined rapidly, while uncertainty about the outlook for U.S., Chinese and global demand continues to create volatility in energy markets.
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