The oil market managed to settle higher last week with Brent up 2.23% over the first trading week of 2024. Middle East tensions and Libyan supply disruptions provided a boost to oil prices. The more comfortable market is also reflected in the Saudis latest official selling prices (OSPs) for February loadings. The shutting of the oil field saw total Libyan oil output fall from around 1.2m b/d to 981k b/d on Friday. US output has surprised to the upside in recent months, which has contributed to the broader weakness seen in the oil market.
