Oil prices were largely flat Tuesday after Libya restarted production at a major oilfield and as output slowly recovered in North Dakota after a winter storm. Libya restarted production at the Sharara oilfield on Sunday, which has the capacity to produce 300,000 barrels per day. Prices also edged lower as reports circulated that Israel had proposed a two-month pause of fighting in Gaza in exchange for the release of all remaining hostages. U.S. envoy Brett McGurk is travelling in the Middle East discussing the potential for another hostage deal and humanitarian pause in the fighting, according to the White House. A rescue package in China would raise oil demand expectations, said Phil Flynn, an analyst with the Price Futures Group.

Source: Libya Today January 23, 2024 12:55 UTC