Oil steady as outages balance trade dispute, OPEC

Oil prices steadied on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and escalating trade conflicts between the United States and other major economies.

Eastern Libyan commander Khalifa Haftar’s forces have given control of oil ports to a separate National Oil Corporation (NOC) based in the country’s east.

The official state-owned oil company from the capital Tripoli, also called NOC, will no longer be allowed to handle that oil, he said.

“The move increases the risk that Libyan oil output will be shut in as the NOC in Tripoli is the only legal entity with the right to sell oil,” said Sukrit Vijayakar, director of energy consultancy Trifecta.
more at source: https://www.msn.com/en-us/finance/markets/oil-prices-rise-on-uncertainty-over-libyan-crude-exports/ar-AAzakHV

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