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Home Business & Finance

US Crude Oil Prices Dip Below $77 Amid Libyan Production Halt

Nnaemeka OkwarabyNnaemeka Okwara
August 27, 2024
in Business & Finance
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US Crude Oil Prices Dip Below $77 Amid Libyan Production Halt
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U.S. crude oil futures are less than $77 per barrel on Tuesday, after a spike caused by Libya’s blocks in production and export. Although Libya produces 1.2 million barrels per day—most of which are sent to European countries—the market expects a gradual disruption and not an outright stop of production.

The slight pullback experienced in U.S. oil prices is believed to be because investors expect that the disruption will be controlled by authorities.

Goldman Sachs thinks it will be temporary, with 600,000 barrels falling off-market in September and 200,000 in October.

The pause in production is a result of a disagreement over leadership between Libya’s rival governments based in Tripoli and Benghazi for the central bank.

Since they control the production infrastructure, the eastern regional government can easily close down production activities

Goldman Sachs changed its Brent price forecast downward by $5, expecting an average price of $77 in 2025, due to demand in China and unexpected efficiency gains in US supply.

Tags: Businesscrude oilfederal characterFinanceLibyaNewsoilUSUS Crude Oil Prices Dip Below $77 Amid Libyan Production Halt
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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