US oil prices climbing back above $64 a barrel
US oil prices climbing back above $64 a barrel. The situation in Libya escalated surprisingly quickly last week when the Libyan National Army, a formation affiliated with the eastern Libyan government, launched an attack on the UN-recognized cabinet in Tripoli. The attack followed a statement by LNA leader General Khalifa Haftar that Libya will soon have a single government, sparking hopes of a negotiation between the two rival governments.
Of course, Venezuela and Iran continue to be the usual suspects when it comes to near-term oil price projections with U.S. sanctions targeting the oil industry of both countries as a regime-changing tool.
“Things are terrible there [in Venezuela],” Driscoll said. “Oil output is plummeting, then you’ve got this wave of electrical outages that have halved their exports.”