Oil futures have advanced due to potential supply disruptions in the Middle East, particularly Libya and Iraq, raising concerns about tighter global oil supplies.
Libya's ongoing political instability has significantly affected its oil production, reducing output and halting exports, which is impacting global oil supply.
While Iraq plans to comply with its OPEC+ quota by reducing oil output, weakened demand from China is generating concerns about the stability of crude prices.
China's crude oil imports fell 2.4% in early 2024 compared to the previous year, indicating economic health concerns that may affect future oil demand.
Collection
[
|
...
]