Oil prices climbed this week as geopolitical tensions in the Middle East fueled supply concerns. Unrest in Libya disrupted a key oil field responsible for 1000 barrels per day output. This followed security concerns in the Red Sea over attacks on tankers.
Yahoo Finance’s Ines Ferre breaks down the details, providing insights into the market outlook on oil moving forward.
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We are watching oil prices as well today they’re moving higher on heightened tensions in the midd East including a protest in s for here with a look at today’s action hey NES hey Julie and today we saw oil prices surge more than 3% this is partly because of a supply
Disruption at a Libyan oil field that oil field which produces about 300,000 barrels a day was disrupted because of protests and then you also have of course concern s around security concerns at the Red Sea because of who the rebels that have been um hijacking or attempting at hijacking uh vessels at
The Red Sea you had yesterday’s price action also showing you sort of the volatility that we’ve seen over the last uh couple of sessions here you saw when uh Iran which backs the hoodis uh Iran had sent a warship into the Red Sea so that sent oil prices higher but then we
Went into into negative territory for yesterday and today we are seeing oil prices which jumped back up again so a lot of uncertainty security concerns around the area as well that sending price is higher but you also have something very important that came out today and that is a statement from OPEC
And that statement we have it that we’re going to put it up for you on the screen basically saying that it’s members uh vow for Unity that they are committed to sharing objectives of unity and statement is very important because the market has also been contemplating where
Oil prices are going to go with the OPEC production Cuts this year you’ll remember that with those deepening of cuts that OPEC announced at the end of last year that oil prices went down because the markets had some skepticism about those cuts saying basically that they were voluntary then you had Angola
Which has been a member for uh 16 years which said that it was leaving the oil cartel so the markets have been kind of skittish about what would be happening with these production Cuts there’s also increased production in the US that analysts are saying are going to make up
For those output cuts from OPEC but this statement is basically saying look we are united and there is a a meeting a reported meeting that will be taking place among OPEC members at the beginning of February guys we’ll be watching all that very closely thanks denz thank you