Crude oil prices firm as the week begins, after rising more than +3% last week. The optimism has been driven by the disruption of a Libyan oil field which has output capacity of about 0.9M bpd. Libya, while an OPEC member, is exempted from joining the output cut deal as the country struggles to bring its production back to pre-civil war level. Libya’s output was 1.1M bpd earlier in February, compared with about 1.8M bpd in 2008. US production has been the major swing factor.
View original post here:
Crude Oil Prices Boosted by Shutdown of Libyan Oilfield