Oil markets to focus on impact of Libyan geopolitical crisis – Westpac

The Westpac analysts believe that the Libyan geopolitical tensions will remain the main driver for the energy markets in the week ahead.

Key Quotes:

“The main focus in energy markets this week will be the impact of force majeure being called by Libya’s state-run National Oil Corp over the weekend after renegade military Khalifa Haftar shut down the Hamada-Zawiya oil pipeline which will remove circa 800k of exports.

Iraq also halted production at the Al Adhab field as violent protests swept the country.

WTI closed down for the second week running last week, falling 0.9% while Brent fell 0.2% on the week.”