US oil ends under $107 after jobs data disappoint

US oil ends under $107 after jobs data disappoint

Concern over supply disruptions in Iraq, Libya and Nigeria prevented heavier losses.

Libya’s oil exports continued to flow at less than half normal rates on Friday as strikes and protests shut major oil terminals in the North African OPEC producer, triggering one of the worst disruptions in the past year.

Those outages helped trim OPEC output to a four-month low in July, a Reuters survey published on Wednesday showed.

OPEC output averaged 30.25 million barrels per day (bpd), down from 30.38 million bpd in June, the survey found.

OPEC supply looks set to tighten further. Seaborne oil exports from the producer group, excluding Angola and Ecuador, will fall by 490,000 bpd in the four weeks to Aug. 17, an analyst who estimates future shipments said on Thursday.

Iraq’s production has come under pressure as Sunni insurgents target its northern pipeline, while technical problems curb output in the south.

Nigerian production has been blighted by oil theft, a factor that severely dented Royal Dutch Shell and Eni’s second-quarter results.

Geopolitical risks were in focus after Iran’s president-elect Hassan Rouhani said Israel’s occupation of Palestinian lands was a “wound” on the Muslim world, in remarks shown on state television.

Iran’s student news agency ISNA had earlier quoted Rouhani as saying: “The Zionist regime is a wound that has sat on the body of the Muslim world for years and needs to be removed.”

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