U.S. oil futures opened slightly higher, with crude oil trading at $70.32. The market saw a major selloff due to a potential resolution in Libya's political deadlock, which has disrupted oil production and exports.
Key Points:
- Libya's legislative bodies agreed to name a new central bank governor within 30 days.
- Major Libyan ports stopped oil exports, leading to a significant drop in production.
- Oil output fell to just over 591,000 barrels per day, down from nearly 959,000 bpd.
Analysis:
The potential resolution of the dispute in Libya is a positive sign for oil markets, as it could lead to increased production and exports. Investors should monitor the situation closely as any developments could impact oil prices and global market stability.