Libya slow recovery in oil supply does not affect oil prices

The market is generally worried that the European debt crisis will affect global crude oil demand expectations. At the beginning of this week, international crude oil prices fell below 85 US dollars, the lowest level in nearly half a month. However, the analysis pointed out that oil prices in the future market will rise, and the slow recovery of oil supply in Libya will not hinder the upward movement of oil prices.

Analysts pointed out that concerns about Greece’s default have dragged down oil prices, and any decline at this stage is a good buying opportunity. According to a survey conducted by Bernstein Research Institute, the average crude oil price of the United States in the coming year will reach US$90 per barrel, and the average price for the next two years will reach US$102 per barrel.

Market watchers hope that Libya will resume oil supply after the Qaddafi regime collapses. US media claimed that some analysts believe that Libya’s oil production will return to its pre-war level of 1.5 million barrels per day within 15 months. However, the commodity strategist of Blue Phoenix Consulting Company in the United States is not so optimistic.

The strategist said, “I think that the price of West Texas crude oil in the United States is currently drawing the Brent oil to a large extent. And people now investing in gold should consider investing in energy to diversify their investments.”

At 11:26 GMT, the United States NYMEX crude oil reported at 86.70 US dollars / barrel, Brent crude oil reported at 110.41 US dollars / barrel.