Oil prices saw a slight decline on Tuesday after a significant rebound in the previous three sessions due to concerns over potential disruptions in supply. At the moment Crude Oil Spot is down by 0.41$ to $ 77.44 per barrel.
The recent rebound of oil prices, which was also triggered by a multiple technical support of its June and August lows, was driven by fears of escalating conflict in the Middle East and a production halt in Libya. Specifically, in Libya, the El Feel oilfield’s output was halted, as engineers confirmed. This followed threats from authorities in eastern Libya to stop production and exports due to rising tensions over the leadership of the country’s central bank. In Middle East the situation remain highly volatile: an escalation between the Lebanese terrorist group Hezbollah and Israel cannot be excluded as so far international efforts of deescalation did not show progress of stability.
Crude Oil rose by more than 7% from its static support and at the moment is facing its 200 days simple moving average as a resistance and still $ 10 below its 2024 high reached in April.
