(Bloomberg) — Oil held a large decline as a prospective deal to return Libyan supply shifted focus back to concerns over global demand and an OPEC+ plan to boost production from October.
Most Read from Bloomberg
West Texas Intermediate traded near $70 a barrel after tumbling more than 4% from Friday’s close. Brent settled below $74. A key Libyan central banker said a deal appeared imminent to resolve the dispute between the rival governments which could spur the resumption of oil output.
Crude has lost its yearly gains on worries about China’s economic outlook and ample supply. Disruptions in Libya could have given OPEC+ space to return more barrels as planned, but a resolution to the political unrest will likely make it harder for the alliance to boost output without buckling prices.
To get Bloomberg’s Energy Daily newsletter into your inbox, click here.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
From: Yahoo.com
Financial News
