Brent Crude Price Drops to US$62
4 March 2015 04:30 WIB
TEMPO.CO, Jakarta - Global oil price on Monday dropped more than 1 percent, with Brent crude oil falling to around US$62 a barrel due to pressure from a stronger dollar and a rise in Libyan crude production.
Brent crude oil reached it lowest point at US$61.70 a barrel and highest point at US$61.90 a barrel. It soared 18 percent in February, the highest monthly increase since May 2009, while West Texas Intermediate decreased by 55 cents to US$49.21 a barrel.
Disruption to oil supplies from members of the Organization of the Petroleum Exporting Countries (OPEC) has helped support crude with lower production from Libya and Iraq in the first couple of months of this year.
Libya’s oil production has now recovered to more than 400,000 barrels per day.
“Libyan production is up and Iraqi exports are on the rise,” said Tamas Varga, oil analyst at London brokerage PVM Oil Associates, as quoted by Reuters.
According to Varga, crude oil markets will likely to fall further, while Carsten Fritsch, senior analyst at Commerzbank, said oil supply in markets will still be excessive.
KHAIRUL ANAM
