(Bloomberg) -- Oil rose as the shutdown of Libya’s biggest oil field strains an already under-supplied market, overshadowing signals that China’s drastic pandemic lockdowns are weighing on economic growth. Global crude markets face further supply disruptions after demonstrations against Libyan Prime Minister Abdul Hamid Dbeibah shut down Sharara, the country’s biggest oil field. Oil rallied above $100 this year as Russia’s war in Ukraine disrupted an already-tight market and prompted some traders to shun Russian crude. Nonetheless, global supplies remain tight with the European Union considering banning Russian crude and OPEC+ standing firmly against accelerating production increases. A key oil market indicator suggests that bullish sentiment is rising.

Source: Libya Today April 18, 2022 22:20 UTC