U.S. West Texas Intermediate (WTI) crude futures ended up $1.60, or 1.6%, to $103.79, after earlier reaching a high of $105.42. Buyers also reacted to ongoing interruptions in Libya, which is losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. Flynn said the market is weighing the possibility that, down the road, slowed growth or additional supply could undermine the bullish case for oil. exports rose to more than 4 million barrels a day last week, partially offsetting the losses of Russian crude hit by sanctions from the United States and European nations. The demand outlook in China continues to weigh on the market, as the world's biggest oil importer slowly eases strict COVID-19 curbs that have hit manufacturing activity and global supply chains.

Source: Libya Today April 21, 2022 15:54 UTC