If Libya does resume production it will make supply cuts by Opec+ less effective
London — Oil prices slipped on Tuesday amid rising Covid-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year.
Coronavirus cases continue to rise in southern and southwestern US states. Investors are watching to see whether Libya is able to resume exports, which have been almost entirely blockaded since January amid the country’s civil war. Investors will also be looking for signs of demand recovery in data due on Tuesday from the American Petroleum Institute industry group and from the US government on Wednesday.
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