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Oil prices extend slump on likely restoration of Libyan production, OPEC+ plans to raise output
Oil prices extended declines during Asia trading hours, after a report that Libya’s oil production was set to be restored pressured prices overnight. OPEC+ plans to raise output amid weakness in China’s economy have also been dragging prices lower. Global benchmark Brent slipped 0.57% to $73.33 a barrel, while U.S. West Texas Intermediate futures fell 0.65% to trade at $69.88 per barrel. The slide in oil prices is the culmination of several events, said Andy Lipow, President of Lipow Oil Associates. “First the Chinese monthly PMI showing a fourth consecutive month of contraction issued this weekend was a ... (full story)
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- Posted: Sep 4, 2024 7:03pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 106
