‼ Libya will increase production - oil drops📉

4:22 PM October 23, 2020

WTI oil fell more than 1% after information that Libya may double its production

Crude oil (OIL.WTI) fell more than 1% after information that Libya is able to double its production within 4 weeks. Currently, the country produces approx. 500 thousand. barrels per day. It is related to the ceasefire that was signed today. Production in Libya is rapidly rebounding, let us remind you that until recently the country produced less than 100,000. barrels  per day, while before the pandemic and civil war this country could produce even 1.2 million barrels per day. The world certainly does not need this extra oil right now, so the market response could be even sharper.
In the long term, oil is trading in consolidation. However, in a matter of minutes, the price of oil fell by more than half a dollar a barrel. Source: xStation5
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