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Libya's Waha Oilfield Resumes Flows to Es-Sider Port

A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/
A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/
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Libya's Waha Oilfield Resumes Flows to Es-Sider Port

A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/
A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/

Maintenance on the Zaggut-Sidra pipeline linking Libya's Waha oilfield to the port of Es-Sider has been completed and flows have resumed, Waha Oil Company said on Friday, Reuters reported.

Oil production from the field is expected to return to normal levels in the coming hours, the company said in a statement.

Production was suspended for maintenance early this week after a fire broke out at the pipeline.

Pumping operations have now been restored "after completing all maintenance work, replacing pipes, and conducting the necessary tests to ensure the safety of pumping operations through the pipeline from the fields to Es Sider port," Waha Oil said.

An engineer from Es Sider port told Reuters that one tanker is currently onloading in the port and another is waiting to enter the port.

Waha, a subsidiary of Libya's National Oil Corp (NOC), operates as a joint venture with TotalEnergies and ConocoPhillips.

The company runs five main fields: Waha - which produces more than 100,000 bpd - Gallo, Al-Fargh, Al-Samah and Al-Dhahra.

The company's total production capacity is about 300,000 bpd, which is exported through Es Sider terminal.

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Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
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Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)

Gold prices edged up on Friday and were set for a weekly gain on growing optimism about a September US rate cut, although expectations the Federal Reserve will ease aggressively have been tempered ahead of Chair Jerome Powell's upcoming speech.

Spot gold was up 0.3% at 2,462.82 per ounce, as of 1002 GMT and has gained more than 1% so far this week. US gold futures rose 0.3% to $2,500.50.

"Gold traders are proceeding with caution this week because US data has greatly lowered the chances of a 50 bps interest rate cut in September," said Zain Vawda, market analyst at MarketPulse by OANDA, Reuters reported.

US. inflation data indicates that gold may need additional catalysts to surpass $2,500, while this level could eventually be reached, it's unlikely in the near term, with gold expected to remain within the $2,360 to $2,480 range, Vawda added.

Recent data restored confidence that had been shaken by a surprisingly weak employment report earlier this month. It also bolstered optimism regarding improving inflation, as evidenced by the July releases of the producer price index and consumer price index this week.

Traders are convinced the Fed will slash rates on Sept. 18, but had debated the size of the reduction. Odds currently stand at 25% for a 50 basis-point cut, down from 36% a day earlier, according to the CME Group's FedWatch Tool.

A low interest rate environment tends to boost non-yielding bullion's appeal.

Minutes of the Fed's July policy meeting are due on Wednesday and Powell will speak on the US economic outlook next Friday at the Jackson Hole symposium.

Elsewhere, spot silver fell 0.6% to $28.22 per ounce, and platinum dipped 0.2% to $951.05 after gaining as much as 4% to hit a two-week high on Thursday. Palladium shed 0.6% to $941.19.

All metals were on track for weekly gains.