Grapevine

Oil steady as players take stock of Middle East supply concerns

Working pumpjacks are seen at the Montebello Oil Field in Montebello, California, on September 18, 2023.

Oil prices were steady in early trading on Friday as investors weighed supply concerns in the Middle East against signs of weakened demand.

Brent crude futures for October delivery expire on Friday and were unchanged at 0033 GMT. The more actively traded contract for November LCOc2 fell 7 cents or 0.09% to $78.75. U.S. West Texas Intermediate crude futures were down 11 cents, or 0.14%, to $75.80.

Both contracts settled more than $1 higher on Thursday driven by oil supply concerns.

More than half of Libya's oil production, or about 700,000 barrels per day, was offline on Thursday and exports were halted at several ports following a standoff between rival political factions.

Libyan production losses could reach between 900,000 and 1 million bpd and last for several weeks, according to consulting firm, Rapidan Energy Group.