Oil steady as rising Libyan output offsets supply concerns | Reuters
Oil prices were steady on Monday as investor bets that global supply will remain tight amid restraint by major producers were offset by a rise in Libyan output.
Brent crude was down 12 cents, or 0.1%, at $85.94 a barrel by 1420 GMT. Earlier in the session, the contract touched its highest since Oct. 3, 2018, at $86.71.
U.S. West Texas Intermediate crude was up 6 cents, or 0.1%, at $83.88 after touching its highest since Nov. 10 at $84.78.
Frantic oil buying, driven by supply outages and signs the Omicron coronavirus variant will not be as disruptive to fuel demand as previously feared, has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained for a while longer, traders said. read more
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