Libya oil shutdown endures

Reports on Libyan production have been mixed, with some saying it was resuming while others say it’s still halted. WTI crude is flat at the moment after initially falling at the open, highlighting the uncertainty.

The latest report comes from S&P Global, which says that up to 230k bpd has been restored in three fields in order to resolve fuel shortages but that otherwise the shutdown has continued.

Meanwhile, Kpler data shows that Russian exports are down 450kbpd month over month, suggesting that Novak is being truthful.

Finally, Goldman Sachs this weekend lowered its oil price range forecast to $70-85 a barrel and warned that the risks to that range “skew to the downside”.

This article was written by Adam Button at www.forexlive.com.