Oil production at several Libyan 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. Crude oil output at the El Feel oilfield in southwestern Libya has stopped, engineers told Reuters on Tuesday. Engineers at several other oilfields … Read more
Oil prices jumped sharply on Monday amid a halt in Libyan oil production and heightened tensions in the Middle East. West Texas Intermediate (CL=F) rose as much as 3% to hover above $77 per barrel, while Brent (BZ=F), the international benchmark price, increased more than 2% to trade above $80 per barrel. Over the weekend, … Read more
Oil prices spiked dramatically on Monday morning, with Brent breaking above $81 and WTI rising toward $77. While hopes of an interest rate cut had already boosted bullish sentiment in markets, it is geopolitics and supply risks that sent prices soaring on Monday morning. A combination of Israel launching strikes against Hezbollah in Lebanon, Russia … Read more