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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Oil Prices Retreat After Gaining on Supply Concerns

Investing.com

By Alex Ho

Investing.com - Oil prices retreated on Tuesday in Asia after trading higher over the weekend as production were hit in Iraq and Libya.


U.S. Crude Oil WTI Futures lost 0.3% to $58.38 by 12:20 AM ET (04:20 GMT), while International Brent Oil Futures dropped 0.6% to $64.83.

Oil prices gained earlier in the day amid continuing supply concerns.

Security guards shut down production at the 70,000 barrel a day Al Ahdab field in Iraq at the weekend in an anti-government protest demanding permanent employment contracts, reports said.

Two major oilfileds in Libya were also shut down on Sunday after forces loyal to Russian-backed Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level, the country's National Oil Corp (NOC) said.

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In other news, Bank of America Global Research raised its 2020 oil price forecasts on Monday, citing risks related to the Middle East, an improving demand outlook and higher OPEC+ compliance to deepen output cuts.

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