(Bloomberg) — Oil dipped as concerns over China’s economic outlook offset supply disruptions from Libya following political unrest.
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Brent slipped toward $77 a barrel after closing 0.8% higher on Monday, and West Texas Intermediate was near $74. China’s growth engines are showing signs of sputtering, raising the prospect of urgent government stimulus.
Oil has wiped out nearly all of this year’s gains over the past couple of months as economic concerns in key consumers — including the US — and ample supply weighed on sentiment. The market is bracing for additional barrels from OPEC+, which plans to boost output from October.
Disruptions in Libya may have given the alliance the space to lift production. The nation’s state oil firm declared force majeure at the El-Feel field, with an escalating power struggle already halving the OPEC member’s output.
The US is laying the groundwork for new sanctions on Venezuelan government officials in response to Nicolás Maduro’s disputed reelection in July, according to documents seen by Bloomberg. The measures target key leaders the US says collaborated with Maduro to undermine the July 28 vote.
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