The fall in Canadian exports has helped drain heavy oil supplies in North America and contributed to a significant drain on US crude oil inventories, badysts said.
The US Energy Information Administration UU Reported Tuesday – A reduction of 9.9 million barrels was expected in US crude inventories in the week through June 22. Analysts polled by Reuters estimated, on average, that crude stocks fell around 2.6 million barrels last week, while previous data showed a drop of 9.2 million barrels. 19659002] Also keeping the markets on edge was the risk of an oil supply disruption from Africa and the Middle East.
In Libya, a power struggle between the official government and the rebels does not make clear who will handle the country's oil exports, although until Tuesday the oil ports of Hariga and Zueitina in eastern Libya were functioning normally.
The future of Iranian crude exports is not clear.
The United States has told countries to stop importing Iranian oil before November 4, a State Department official said on Tuesday as the Trump administration stepped up pressure on the Islamic Republic.
Trying to make up for the interrupted supply, the Organization of the Petroleum Exporting Countries (OPEC) said at the end of last week that it would increase production.