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The Epicenter of Global Oil Market Tightness Is Finally Cooling

Bloomberg business news
Easy to See Oil at $100 in 2023, Sankey Says

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.