Oil halted gains on speculation supply from Nigeria and Libya may rise as conflicts within both OPEC members ease, sustaining a global glut.
Futures were little changed in New York after climbing 0.6 percent Monday. Nigeria’s output reached 1.75 million barrels a day and will keep rising after government outreach and a cease-fire with militants allowed some production to restart, Minister of State for Petroleum Emmanuel Kachikwu said. A tanker returned to Libya’s third-biggest oil port to load a cargo one day after clashes forced it to halt the first export from the Ras Lanuf terminal since 2014.
Oil has fluctuated since August’s rally on speculation the Organization of Petroleum Exporting Countries and Russia will agree next week in Algiers on ways to stabilize the market. OPEC members are close to a deal, Venezuelan President Nicolas Maduro said Sunday after speaking to his counterparts from Iran and Ecuador, while the group’s secretary general said an extraordinary meeting is possible if ministers reach consensus.
West Texas Intermediate for October delivery, which expires Tuesday, fell 5 cents to $43.25 a barrel on the New York Mercantile Exchange. Prices advanced 0.6 percent to $43.30 a barrel on Monday. The more-active November contract was down 6 cents, or 0.1 percent, at $43.80 at 8:53 a.m. in Sydney.
Brent for November settlement advanced 18 cents, or 0.4 percent, to $45.95 a barrel on the London-based ICE Futures Europe exchange on Monday. The global benchmark closed at a $2.09 premium to WTI for November delivery.