Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia, according to Reuters. Despite concern of a recession, tight supply is limiting losses, Reuters reported. Ecuador’s production has been hit by unrest recently, and a strike in Norway could cut supply this week. “This backdrop of mounting supply outages is colliding with a possible spare production capacity shortage among Middle Eastern oil producers,” said Stephen Brennock of oil broker PVM. “And without new oil production hitting markets soon, prices will be forced higher.”

Source: Libya Today July 04, 2022 10:19 UTC