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WTI Crude Oil Prices Climb Higher Over Supply Concerns From Libya, Iraq

WTI crude oil prices have steadied after climbing higher into the second day of the week early on Tuesday, over continued concerns about diminishing supply from Libya after it shut down two major oilfields over a military blockade. At the time of writing, WTI crude oil is trading at around $58.43 per barrel.

In addition, WTI crude oil prices are also climbing higher over rising protests in Iraq adding to worries of potential supply disruption in markets. Analysts expect oil supply disruptions in Libya to weigh on oil prices in the coming days.

On Sunday, loyalists of Khalifa Haftar ordered the closing of a pipeline, resulting in the shutting down of two key oilfields in the southwest region of Libya and causing crude production to fall severely. Libya’s National Oil Corporation has for now declared force majeure, a waiver on contractual obligations, for crude loadings from these two oilfields.

Crude oil has also turned bullish after the Bank of America revised its oil price forecasts higher for this year. Supply concerns from the Middle East, rising demand and deeper crude production cuts by OPEC and allies are expected to drive prices higher in 2020.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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