Oil Rises on Libyan Supply Concerns

April 9, 2019 Share Print 0

Oil hit a five-month high above $71 a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply, although Russian comments signaling willingness to pump more dampened the rally.

Supply curbs led by the Organization of the Petroleum Exporting Countries have underpinned a more than 30 percent rally this year for Brent crude, despite downward pressure from fears of an economic slowdown and weaker demand.

Brent, the global benchmark, rose to $71.34 a barrel, the highest since November, and by 1046 GMT was down 3 cents at $71.07. U.S. crude also hit a November 2018 high of $64.79 and was later up 6 cents at $64.46.

“The mood is increasingly turning bullish, but several feedback loops are about to start spinning that stand in the way of a prolonged oil rally,” said Norbert Ruecker of Swiss bank Julius Baer.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.