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It rose on Monday in choppy trading, to offset earlier losses, as tightening supplies overshadowed concerns about slowing global economic growth and fueling demand.
Brent crude futures rose 42 cents, or 0.4 percent, to $113.54 a barrel by 0633 GMT.
First-month prices fell 7.3% last week, their first weekly decline in five years. US 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 oil exporter, remains out of most countries’ reach due to Western sanctions over Moscow’s invasion of Ukraine, actions Russia calls a “special operation”. T
Its impact has been mitigated in part by the release of Strategic Petroleum Reserves, led by the United States, and increased production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, although this is a weakening of the world’s buffer against further supply disruptions.
Libyan oil production has remained volatile after the blockade imposed by groups in the east of the country.
Libyan Oil Minister Mohamed Aoun told Reuters on Monday that the country’s total production is about 700,000 barrels per day. A spokesman for the Oil Ministry said last week that Libya’s production had fallen to between 100,000 and 150,000 barrels per day.
Exports of petroleum products from China, once a major exporter, have continued to decline, tightening global supplies.
Chinese customs data on Saturday showed that the country’s gasoline exports in May fell 46% from a year earlier and diesel exports fell 93% even though domestic demand stalled, as companies were short of export quotas.
The country’s imports of crude oil from Russia in May rose 55% from the previous year to a record level, replacing Saudi Arabia as the largest supplier, as refineries benefited from reduced supplies amid sanctions imposed on Moscow.
However, US oil and gas production is on the rise.
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