Oil Prices Edge Higher as Libya Disruption Offsets China Demand Concerns
Oil prices edged higher on Tuesday as market forces pulled crude in opposite directions. Reuters reports Brent crude settled at $77.63 per barrel, while WTI closed at $73.66, both recovering from Monday’s steep losses.
Libyan protesters blocked crude oil loading at two major ports, putting 450,000 barrels of daily exports at risk. The disruption threatens Libya’s current oil production of 1.4 million barrels per day.
President Trump’s announcement of potential wide-ranging tariffs rattled markets and dampened oil demand prospects. The president pledged to impose levies on foreign-produced goods, including industrial commodities, to boost domestic manufacturing.
China’s manufacturing sector contracted unexpectedly in January, with PMI falling to 49.1. The decline from China, the world’s largest crude importer, sparked fresh concerns about global oil demand growth.
New U.S. sanctions on Russian oil trade have forced refineries in China‘s Shandong province to adapt. FGE analysts expect these facilities to lose up to 1 million barrels per day of crude supply.
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Global Oil Market Volatility
Several independent refineries in China have halted operations indefinitely. The combination of new Chinese tariffs and tax policies has pushed these plants deeper into financial losses.
Weather patterns also influenced market sentiment. Warmer temperatures across the Northern Hemisphere reduced demand for heating fuels, following earlier spikes in natural gas prices.
Market analyst John Evans at PVM highlighted the risk of further supply disruptions. The possibility of spreading disorder could threaten Libya‘s entire oil production capacity.
Ashley Kelty from Panmure Liberum emphasized ongoing market uncertainty. The ramifications of U.S. policies on tariffs and sanctions remain unclear and continue to influence trading patterns.
The U.S. Energy Information Administration expects global oil demand to reach 104 million barrels per day in 2025. This projection reflects growth of 1.05 million barrels per day for the year.
Broader financial markets faced pressure from unexpected developments in artificial intelligence. Chinese firm DeepSeek’s launch of a low-cost AI model contributed to market volatility.
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