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Libya's NOC Declares Force Majeure on El Feel Oil Field from Sept. 2

A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
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Libya's NOC Declares Force Majeure on El Feel Oil Field from Sept. 2

A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)

Libya's National Oil Corp. (NOC) declared force majeure on El Feel oil field from Sept. 2, it said in a statement on Monday.

The field, which has a capacity of 70,000 barrels per day, is operated by Mellitah Oil and Gas, which is a joint venture between NOC and Italy's Eni.

Oil exports at major Libyan ports were halted on Monday and production curtailed across the country, amid a standoff between rival political factions over control of the central bank and oil revenue.

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Gold Extends Gains into New Year as Traders Brace for Trump Policies

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO
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Gold Extends Gains into New Year as Traders Brace for Trump Policies

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO

Gold prices rose on Thursday, keeping up the momentum from a positive end to record-breaking 2024, as traders braced for US President-elect Donald Trump's expected policy shifts that will shape the economic and interest rate outlook for the new year.
Bullion surged over 27% last year, its biggest annual gain since 2010, as the US Federal Reserve's substantial rate cuts, robust central bank purchases and escalating geopolitical tensions boosted it to multiple record highs last year.
On the first trading session of the year, spot gold rose 0.4% to $2,634.88 per ounce, as of 0553 GMT. US gold futures edged up 0.2% to $2,646.70, Reuters said.
"Gold seems to be consolidating in a tight range, which often signals a market that's poised for a breakout. I suspect that breakout will be to the upside," said Kyle Rodda, financial market analyst at Capital.com.
Gold is likely to remain bullish in 2025, driven by geopolitical risks and expectations of rising government debt due to a deep fiscal deficit under Trump’s administration, despite potential challenges from slower Fed rate cuts and dollar strength, Rodda said.
The market will now take cues from a slew of US economic data due next week, which could influence the interest rate outlook for 2025, and Trump's tariff policies.
Donald Trump will be sworn in as president of the United States on Jan. 20.
Traders anticipate the Fed to adopt a slow and cautious approach to further rate cuts in 2025, as inflation continues to exceed its 2% target. According to the CME's FedWatch Tool, markets are pricing in just 11.2% chance of a cut in January.
Gold, which is seen as a safe investment in times of geopolitical and economic uncertainty, tends to be negatively impacted by high interest rates.
Spot silver rose 1.6% to $29.34 per ounce, palladium added 1.1% to $913.47 and platinum gained 0.9% to $918.65.
Silver ended 2024 as its best year since 2020, while platinum and palladium declined.