Oil is on Tuesday recovering from losses in the last session after production of the commodity in Libya rebounded by 1 million barrels a day with the end of a three-week blockade by the paramilitary force known as the Guard of Oil Facilities.
Local authorities reportedly managed to reach an agreement with the paramilitary force, which was protesting over high energy prices, ending the shutdowns at four of the country’s main fields, which reduced Libya’s quotas by around 350,000 barrels a day.
Reacting to this, North Sea Brent crude, which serves as a reference for the Portuguese market, is now appreciating slightly by 0.73% to $81.46 per barrel. The West Texas Intermediate (WTI), traded in New York, is advancing 0.88% to $78.92.
Although supply disruptions in Libya have been resolved, the unrest in Kazakhstan continues to worry investors, overshadowing fears over the rapid increase in covid-19 cases caused by the omicron variant.
