Oil Prices Lifted by Ongoing Supply Disruptions

Crude prices recovered on Friday, breaking the four-week losing streak in oil, with WTI rising to $70 per barrel. Friday, September 13, 2024 Hurricane Francine helped oil prices edge higher after bearish sentiment overtook the market, taking off some 700,000 b/d of oil supply from the market, even if for several days. A large amount of Libyan production remains shut-in after UN-brokered talks have collapsed, meaning supply disruptions now total 1.5 million b/d already. However, with China pessimism hitting its apex in the entire post-pandemic period,…