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Oil climbed as traders weighed supply risks and executive warnings of further energy crunches against central bank pledges to raise interest rates further.
West Texas Intermediate rose above $94 a barrel after gaining 2.5% last week. In Libya, clashes between militias in the capital left at least 23 dead, sparking fears of further upheaval in the OPEC nation. While Libya’s output so far remains stable, investors are watching for signs that the violence may again put oil shipments at risk just as Europe reels from an energy crisis.
It’s a “fantasy” that the global energy crunch will be easy to overcome, Ben Van Beurden, chief executive officer of oil and gas giant Shell Plc, said at a conference in Norway. 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.
Iran, meanwhile, said exchanges with the US over a European Union proposal to revive a nuclear deal will drag on into next month, undercutting speculation that an agreement paving the way for increased oil flows is imminent.
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