Crude oil sell-off a bit overdone

Following a spike to near $123 per barrel last week due to a variety of global factors, crude oil prices fell by as much as 6%, or $11 to $112 per barrel, on June 17. This was a sharp reversal from the steep ascent that followed Russia’s invasion of Ukraine, with global travel opening up and services reviving. 

The correction was primarily caused by two factors: new figures for Libyan oil being confirmed at 700,000 barrels per day (bpd) rather than the previously expected 100,000 bpd, and US market turmoil caused by a sell-off in broader risk assets.

The Libyan oil minister confirmed this as well, and while the number is still below the 1.1-1.2 million bpd that Libya is capable of producing, compared to the 100,000 bpd production that the market had assumed, this was somewhat bearish news.” 


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