Europe’s oil market, for months the center of a global supply panic, is finally showing signs of weakening as the return of supply from Libya helps to soothe trader anxiety.
Alongside the US releasing 1 million barrels a day of strategic reserves and oil refineries approaching a period of seasonal maintenance, a sharp increase in supply of light-low sulfur crude from Libya has taken the heat out of a market that was pricing the tightest supply conditions since futures began trading.
