Oil rises on disruption to Libyan exports.
Oil today hit its highest in a month, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories. Libya previously declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute – which is driving the prices up. The other factor supporting the oil the is the earlier announcement that the European Union has secured an additional 100 million doses of COVID-19 vaccine by BioNTech and Pfizer – raising hopes the economic recovery (and as a result oil demand) in Europe can be accelerated by the faster vaccination campaign.
Except buyers on downward corrections.
Next resistance to watch – 69.5
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