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Oil prices rose in volatile trade on Monday, reversing earlier losses as tighter supply outweighed worries about slowing global economic growth and fuel demand.
Brent crude futures rose 42 cents, or 0.4%, to $113.54 a barrel at 0633 GMT.
First-month prices fell 7.3% last week, their first weekly decline in five. U.S. West Texas Intermediate crude was at $109.85 a barrel, up 29 cents, or 0.3%.
First-month prices fell 9.2% last week, the first drop in eight weeks.
Oil from Russia, the world’s second largest exporter, remains out of reach for most countries due to Western sanctions over Moscow’s invasion of Ukraine, actions Russia calls a “special operation”. J
The impact was partly mitigated by the release of strategic oil reserves, led by the United States, and a ramp-up in production by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known under the name OPEC+, although that is thinning the world’s buffer against further supply disruptions.
Libya’s oil production has remained unstable following blockades by groups in the east of the country.
Libyan Oil Minister Mohamed Oun told Reuters on Monday that the country’s total production was around 700,000 barrels per day (bpd). Libyan production has fallen to between 100,000 and 150,000 bpd, an oil ministry spokesman said last week.
Exports of petroleum products from China, once a major exporter, continued to decline, limiting global supply.
The country’s gasoline exports in May fell 46% from a year earlier and diesel exports fell 93% despite slowing domestic demand as companies ran out of export quotas, showed Chinese customs data on Saturday.
The country’s crude oil imports from Russia in May soared 55% from a year earlier to a record high, supplanting Saudi Arabia as the top supplier as refiners took advantage of cheap supplies reduced under the sanctions against Moscow.
Yet, oil and gas production in the United States is on the rise.
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