Oil Rises on Libyan Disruption, Expectations of Larger Fed Cut
- Libyan shipments decline as UN-led talks fail to break impasse
- CTA positions near maximum bearish levels: EA Quant Analytics
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Oil jumped as Libyan exports continued to slump and expectations rose that the Federal Reserve will be more aggressive in cutting rates this week.
West Texas Intermediate advanced more than 2% to settle above $70 a barrel while Brent futures settled just shy of $73 a barrel. Libyan exports have declined markedly as United Nations-led talks failed to break an impasse over control of the central bank, which has spilled over into its oil industry.