The news that the military blockage in Libya shut down the two large crude oil fields, which made WTI yield. At release time, the crude oil trades near $58.75, looking to close the bullish opening gap.
It looks oil bulls cheered the weekend reports of the Libyan outage, and then the prices jumped to over this week highs of $59.66 starting out in Asia this Monday. The Libyan state-run National Oil Corporation (NOC) presented, in the southwest, two big oilfields had begun shutting down after forces loyal to the Libyan National Army closed a pipeline on Sunday. The news excited concerns of supply disruption from the OPEC producer, boom commodity prices.
However, with the wake of the agreement by the main backers of the rival Libyan factions at the Berlin Summit, which is for a permanent ceasefire in order to allow a political process to take place, the oil prices are seeing a pullback over the last hours.
Moreover, a fresh buying wave seen in the US dollar against its major peers, mainly driven by aggressive selling in GBP/USD also collaborates with the latest move lower in oil. At the same time, the US dollar also continues to draw support from Friday’s strong US economic releases.
Attention now turns towards the US weekly Crude Stocks Change data for fresh trading impetus. Meanwhile, the developments surrounding the Libyan conflict will continue to remain the main driver for energy markets this week.
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