Crude Oil Prices Experience Decline Amidst Growing Output in Libya and NorwayCrude oil encountered a downturn of -1.39%, settling at 6178, as traders grappled with a juxtaposition of factors involving escalating crude supply in Libya and Norway, juxtaposed against production disruptions in the United States and ongoing geopolitical tensions. In terms of support levels, crude oil finds backing at 6109, and breaching this could potentially test levels around 6040. As the market grapples with contrasting forces, the trajectory of crude oil prices remains uncertain. The recent decline in crude oil prices reflects the intricate dance between supply and demand, geopolitical events, and technical indicators. As industry participants navigate this dynamic landscape, the coming weeks and months will bring further insights into the forces shaping the future of crude oil prices.

Source: Libya Today January 24, 2024 11:54 UTC