Post by
smallcaptdr on Jul 17, 2022 10:10pm
Looks like Oil could tumble with Libya resuming
New developments from Libya could add a downside to Oil.
WTI crude futures fell below $97 per barrel on Monday as top US energy envoy Amos Hochstein indicated confidence that major producers in the Middle East have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the region. Rising virus cases and the prospect of fresh lockdowns in top importer China also weighed on crude prices as the country reported 691 new Covid-19 cases for Saturday, with locally transmitted cases hitting the highest since May 23. Moreover, the newly-installed head of Libya’s National Oil Corp. said the country's oil output will resume from all shuttered fields and ports after meeting groups that have blockaded the facilities for months. The US oil benchmark dropped almost 7% last week and has been declining since mid-June as growing recession concerns, driven by aggressive interest rate hikes worldwide, ripped through commodity markets.