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OIL: Libyan Oil Return Causes Pressure on Oil

OIL
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Crude saw a sharp initial reversal on Bloomberg interview with Libya’s oil minister that the country’s oil output is set to resume on Thursday, though may have largely been priced in on headlines over the last week as it starts to recover.

  • Brent DEC 24 up 1.7% at 75.12$/bbl
  • WTI NOV 24 up 1.8% at 71.36$/bbl
  • Libya was reported to be preparing production for a return after the recent agreement in late September to appoint a new central banker, which appeased the situation causing the halt.
  • The move potentially returns hundreds of thousands of barrels a day to global markets after a political standoff in the country.
  • It comes as a significant physical supply element for oil markets rather than the geopolitical premium this week based on speculated impact of the Iran/Israel fallout. 
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Crude saw a sharp initial reversal on Bloomberg interview with Libya’s oil minister that the country’s oil output is set to resume on Thursday, though may have largely been priced in on headlines over the last week as it starts to recover.

  • Brent DEC 24 up 1.7% at 75.12$/bbl
  • WTI NOV 24 up 1.8% at 71.36$/bbl
  • Libya was reported to be preparing production for a return after the recent agreement in late September to appoint a new central banker, which appeased the situation causing the halt.
  • The move potentially returns hundreds of thousands of barrels a day to global markets after a political standoff in the country.
  • It comes as a significant physical supply element for oil markets rather than the geopolitical premium this week based on speculated impact of the Iran/Israel fallout.