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OIL: Libyan Supply Potential Offsetting Rising Middle East Tensions.

OIL
BulletEnergy BulletsCommodities
  • West Texas Intermediate has stabilized for now above $68 as news breaks of the potential ground raids by Israel into Lebanon.
  • As the markets digests the impending supply coming on line from Libya, it comes at a time when the ever evolving situation in the Middle East conflict evolves further.
  • WTI is trading at $68.27 in the Asia morning session, with Brent at $71.70.
  • Alongside the anticipated return of supply from Libya (following a compromise reached by regional governments over the new Central Bank Head for the country) OPEC has indicated that it will stick to its original plan to bring back online further production.
  • All of this occurs against a backdrop of slowing global growth with China slowing down and the US cutting rates to avoid a rapid slowdown.
  • For September, West Texas saw a decline of 7.30% and Brent 5.95%.  
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  • West Texas Intermediate has stabilized for now above $68 as news breaks of the potential ground raids by Israel into Lebanon.
  • As the markets digests the impending supply coming on line from Libya, it comes at a time when the ever evolving situation in the Middle East conflict evolves further.
  • WTI is trading at $68.27 in the Asia morning session, with Brent at $71.70.
  • Alongside the anticipated return of supply from Libya (following a compromise reached by regional governments over the new Central Bank Head for the country) OPEC has indicated that it will stick to its original plan to bring back online further production.
  • All of this occurs against a backdrop of slowing global growth with China slowing down and the US cutting rates to avoid a rapid slowdown.
  • For September, West Texas saw a decline of 7.30% and Brent 5.95%.