Oil steadies with Libyan restart and Red Sea tensions in focus

January 22, 2024 Siyabonga Mtangana

Oil steadied following an early dip after OPEC member Libya restarted production at its largest field, which balanced out concerns about tensions in the Red Sea that look set to continue disrupting shipping.

Global benchmark Brent was little changed below $79 a barrel, while US counterpart West Texas Intermediate was near $73 a barrel. Libya’s National Oil Corp said that flows from Sharara — which previously pumped about 270 000 barrels a day — would resume after a three-week stoppage.

Prices:
Brent for March settlement was 0.1% higher at $78.64 a barrel at 11:18 a.m. in Singapore. WTI for February delivery, which expires later on Monday, was 0.3% lower at $73.21 a barrel The more-active March contract added 0.2% to $73.37 a barrel

Source: moneyweb.co.za

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