Shafaq News/ Oil prices rebounded by more than 1% on Tuesday, paring previous session's losses, on supply concerns amid an escalating Middle East conflict, stronger US services sector data and a cut in production at Libya's Sharara oilfield. "Oil seems to have clawed back some of its losses as broader concerns of a possible escalation in Middle Eastern conflict continue to add (to) apprehensions in (the) oil market. Oil was also supported by overnight data showing services sector activity in the US, the world's biggest oil consumer, rebounded from a four-year low in July. "Relief rallies in global market overnight also seemed to have repaired overall sore sentiments, sparking some fresh position taking in oil," Phillip Nova's Sachdeva said. Concerns of lower production at Libya's 210,000 barrel-per-day Sharara oil field also buoyed prices.

Source: Libya Today August 06, 2024 05:10 UTC