West Texas Intermediate futures rose 4.2% to settle above $97 a barrel on Monday. Although Libyan output has so far withstood clashes between militias in the capital, traders are watching for signs that the violence may halt oil shipments at a time when Europe’s energy crisis is worsening.
“The one trade that everyone can agree upon is that the oil market will likely remain tight,” said Ed Moya, senior market analyst at Oanda. The group will meet Sept. 5 to consider October production and review the outlook for the rest of the year.Cries of supply shortages continue to come from all corners, with Shell Plc’s chief executive officer Ben Van Beurden telling a conference in Norway that it’s a “fantasy” that the global energy crunch will be easy to rectify. Speaking at the same event, Tesla Inc CEO Elon Musk said the world needs more oil and gas now while also pushing to transition to renewable supplies.
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