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Oil prices move higher as Libyan production suffers outage
Oil futures moved up Tuesday from the roughly one-week lows scored a day earlier as the market continued to weigh the efficacy of an OPEC-plus production cut and as a short-term production disruption in Libya proved supportive to prices.
Libya’s national oil company has declared force majeure on exports from its El Sharara field after a weekend militia attack on the facility, the Wall Street Journal reported.
The price weakness seen on Monday was “all the more surprising given that just short of 400,000 barrels per day of Libyan oil are currently missing because production has been interrupted at Libya’s largest oil field,” Commerzbank analysts said in a note Tuesday.
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https://www.marketwatch.com/story/oil-pr...2018-12-11
Oil futures moved up Tuesday from the roughly one-week lows scored a day earlier as the market continued to weigh the efficacy of an OPEC-plus production cut and as a short-term production disruption in Libya proved supportive to prices.
Libya’s national oil company has declared force majeure on exports from its El Sharara field after a weekend militia attack on the facility, the Wall Street Journal reported.
The price weakness seen on Monday was “all the more surprising given that just short of 400,000 barrels per day of Libyan oil are currently missing because production has been interrupted at Libya’s largest oil field,” Commerzbank analysts said in a note Tuesday.
...
https://www.marketwatch.com/story/oil-pr...2018-12-11
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