Supply disruptions in Libya and Nigeria lift the price amid output cuts by Saudi Arabia and Russia. Fears of an economic slowdown in China could have a negative impact on the oil price. Investors will keep an eye on unexpected disruptions in Libya and Nigeria and developments surrounding the continued OPEC production cuts. The correction in WTI on Monday seems to be profit-taking by oil traders after WTI recorded its third-straight weekly gain. On the other hand, fears of an economic slowdown in China could have a negative impact on the oil price.

Source: Libya Today July 17, 2023 06:26 UTC