Macro factors are driving crude rather than fundamentals, which are still supportive, analyst says
Singapore — Oil prices edged lower on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies.
“Clearly macro factors are driving oil at the moment, rather than fundamentals, which are still supportive,” said Warren Patterson, ING's head of commodities research. The impact has been partly mitigated by the release of strategic petroleum reserves, led by the US, and a ramp-up of production from Opec and its allies, together known as Opec+, though that is thinning the world's buffer against further supply disruption.
In Opec member Libya, meanwhile, oil production remained volatile after blockades by groups in the country's east.
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