Oil Rises After Libya Shuts Largest Field and Demand Perks Up
- Libya recloses its biggest field shortly after re-opening
- New Jersey lifts stay-at-home order, boosting fuel demand
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Oil rose in a late rally ahead of inventory data on Wednesday and after Libya once again closed its top oil field shortly after reopening.
Crude traded for a loss for most of the session as the market grapples with a surplus of fuels, most notably diesel. But demand optimism got a boost when New Jersey lifted its stay-at-home order and increased gathering limits. New York’s Westchester and Rockland counties entered the second phase of reopening Tuesday, while Long Island is set to do so on Wednesday, and New York City reached a milestone on testing.