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Libyan Newswire

Libya Key Catalyst for Oil Prices, Expert Says.

Libya Key Catalyst for Oil Prices, Expert Says.Tuesday , 19-07-2016 – 16:16:00

Tripoli, 19 July 2016(Lana) Libya remains the wild card in terms of additional short term oil supply of oil, an expert said. The Libyan state despite the conflict between rival factions in the country could be the next key catalyst for the international market, said Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets. Countries such as Saudi Arabia and Iran have defied expectations, and not flooded the market with more barrels, Croft told the CNBC ‘Futures Now’ programme last week. Global oversupply and economic and political issues in countries like Nigeria and Venezuela have been putting downward pressure on crude prices, Croft said. She added that other economic factors such as Britain’s decision to leave the EU and fluctuations in China’s economy would also weigh on the oil market and may drive prices down. =Lana=