Oil prices moved lower on Monday, with WTI off 1.7% or $1.27/bbl to settle at $74.15/bbl. That took the price of WTI back to where it was a week ago. Also, crude prices were under downward pressure due to the restart of two oil fields in Libya that had been shut down last week by local protests. RBN’s early estimate for this week’s EIA storage report is an injection of +46 Bcf for the week ended 7/14. That compares to last year’s injection of +32 Bcf and the 5-year average is an injection of +36 Bcf for the same week.

Source: Libya Today July 18, 2023 04:41 UTC