Global oil prices rose in choppy trade, with Brent crude topping $113 a barrel, as outages in Libya deepened concern over tight global supply and the Ukraine crisis dragged on, offsetting concern over slowing Chinese demand. "With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage Oanda. Deeper supply lossesThere are concerns of deeper supply losses looming. The US and UK have moved to bar Russian crude, and there’s pressure for the EU to follow. “The market is still making up its mind about how much Russian oil may be kicked out of the market,” said Matt Stanley, a trader and broker with Star Fuels in Dubai.

Source: Libya Today April 19, 2022 03:04 UTC