Tight Crude Inventories Push Oil Prices Back To Mid-$70s

Oil prices have risen back to the mid-$70s this week as a result of tighter U.S. crude inventories and a force majeure on Libyan crude oil exports.Friday, December 23rd, 2021 The interdependence of oil prices and Omicron news updates has subsided somewhat this week as the overall decline in US crude stocks and the Libyan supply disruption have been moving prices upwards. Despite US crude supply hovering around 11.6-11.7 million b/d, robust demand triggered another week-on-week decline in inventories at a whopping 4.7 million barrels. Libya…