World oil prices in the morning of July 12 are rising after the day before collapsed by 5-7%. This is evidenced by the auction data. As of 8: 53 GMT, the cost of September futures for the North sea oil mixture Brent grew by 1.8% to 78.22 dollars per barrel, August futures for WTI oil - by 0.68%, to 70.86 dollars per barrel.
On Wednesday, the price of Brent collapsed by 7%, for the first time since June 25 falling below 74 dollars, the cost of WTI fell by more than 5%, according to RIA Novosti.
The fall in prices was due to expectations of increasing production in Libya. The national oil company of Libya (NOC) reported on July 11 that it was resuming the production and export of oil from the terminals in the East of the country. Prior to that, the company declared force majeure because of blocking the shipment of raw materials at four terminals, which caused fears of the market to reduce oil supplies from Libya.
In addition, investors responded to the data of the July OPEC report. The organization raised the forecast for oil production in the US in 2018 by 20 thousand barrels per day — to 10.53 million barrels per day. In addition, the report suggests that Saudi Arabia in June increased oil production to 10.42 million barrels per day, exceeding the OPEC transaction level by 362 thousand barrels per day.