Libya, Iraq, the North Sea and additional locales that generate the energy commodity recently have slowed down production, reducing more than 500,000 barrels of the energy commodity per day. Sudan, another top producer of crude oil, is poised to see shipments of the energy commodity slow down in the near term. China, the globe's second-largest consumer, is enduring slower growth.
"We expect some more jittery trading in oil," oil and commodities strategist Andrey Kryuchenkov with Russian bank VTB Capital in London told the news source on Monday. "Any macro related correction would be limited due to ongoing short-term supply worries."
At 9:43 a.m. on Monday, WTI crude oil futures edged up 0.08 percent, an 8-cent gain to $104.78 per barrel. Brent crude oil futures rose 0.15 percent, a 16-cent lift to $107.33 per barrel.
Bloomberg reports the energy commodity is coming off weekly losses of slightly more than 3 percent last week. It kicked off the Monday trade session near its three-week low.
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