Bloomberg oil rose for a third session as threats to global output risked tightening the market further before OPEC meets this week to discuss supply.
The West Texas Intermediate futures climbed above $110 a barrel after adding 5% over the past two sessions. Libya is facing more disruptions to its exports due to a worsening political crisis, while anti-government protests in Ecuador threaten to shut down production in the former OPEC member.
The global oil market, which has been squeezed by an economic rebound and upended trade flows from Russia after its invasion of Ukraine, could be affected by a halt to supply. Some OPEC members have struggled to meet their production targets this year, exacerbating the tightness.
The prospect of additional supply from two key producers of theOPEC appears to be limited. French President Emmanuel Macron told his US counterpart Joe Biden that the United Arab Emirates and Saudi Arabia are already pumping almost as much as they can. Macron was talking about the conversation he had with UAE ruler Sheikh Mohammed bin Zayed. OPEC ministers gather on Thursday.
Oil is up almost 50% this year, despite the fact that there is a global economic slowdown, which has put futures on track for the first monthly loss since November. The traders watch as indicators of supply and demand flash bullish signs and point to an urgent need for more supply.
The timeline for the publication of its Petroleum Status report is still unclear, according to the Energy Information Administration. Its release will be announced as soon as possible. If you're too old for an internship, try a returnship instead.