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Indonesia News Portal for Traders | Financial & Business Updates

16 September 2024 07:13  |

Oil Steadies as Falling Libyan Exports Offset Weak China Data

Oil was steady as traders weighed slumping Libyan crude exports against a deepening slowdown in top importer China.

Brent traded near $72 a barrel after a modest gain last week, while West Texas Intermediate climbed toward $69. Libya's exports have declined as talks led by the United Nations failed to break an impasse over control of the country's central bank, which has spilled over into its oil industry.

Crude has given up all its gains this year on concerns over ample supply and an economic slowdown in China. Figures published on Saturday showed industrial output in the Asian nation marking its longest slowing streak since 2021 last month, while investment weakened more than expected.

Source: Bloomberg

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