Crude oil prices inched up as Libyan export halts offset OPEC+ output fears
Crude oil prices edged higher on Monday, regaining some ground after last week's decline after Libya declared force majeure on oil exports, which eased market concerns over the increased OPEC+ production.
Crude oil prices edged higher on Monday, regaining some ground after last week's decline after Libya declared force majeure on oil exports, which eased market concerns over the increased OPEC+ production.
Brent closed up by 59 cents, or 0.8%, at $77.52/barrel.
WTI was suspended due to a public holiday.
The upward movement in futures came after Libya declared force majeure at the El-Feel oil field, effectively suspending crude exports. This turmoil has paradoxically provided a cushion against worries over increased output from OPEC+ members. With Libya’s production sharply reduced, market fears about the alliance adding more barrels in October have significantly eased.
Written by: Rochelle Nguyen