Oil recovers from steep drop as prices struggle to break range
Oil recovered from its biggest drop in a month but struggled to break out of a broad trading range, as sluggish physical markets counter supply risks in the Red Sea and Libya.
By Yongchang Chin and Alex Longley, bloomberg
Global benchmark Brent traded above USD 77 a barrel after tumbling 3.4% on Monday to unwind all of the previous week’s gains. Saudi Arabia reduced its prices more than had been expected, a nod to recent weakness in physical markets. An recent outage at Libya’s largest field offered some support, however.
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