Oil prices inched higher on Thursday as Libyan oilfield shutdowns continue, but the uptrend may be temporary due to lingering demand concerns and a weak inventory draw.
Crude oil prices ticked higher earlier today, after posting two daily losses, as the shutdown of oil fields in Libya took precedence over demand worry. Oil production at several Libya n oilfields was halted on Tuesday after the rival government in the east announced on Monday a stop to all oil production and exports from OPEC ’s African producer. Libya , which pumps about 1.
The positive movement is unstable, however, and we may see a reversal later in the day under the weight of bearish factors. On the bearish side, the U.S. Energy Information Administration reported only a modest draw in oil inventories yesterday, at less than 1 million barrels. Even though this was the second weekly draw in a row, it appeared to not have impressed the market much. Demand for oil remained a concern.
Libya Oil Production OPEC Central Bank Of Libya Oil Exports U.S. Interest Rates U.S. Oil Inventory OPEC+ Production Cut
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