Oil news and market movers: Bullish sentiment gets crushed
- The US API reported a surprise build of 9.337 million barrels from a drawdown to 1.519 million barrels a week earlier.
- This Wednesday, at 14:30 GMT, the US Energy Information Administration will release its stockpile change, with expectations for a drawdown of 1.275 million barrels.
- Bloomberg reports that Libya has appointed Khalifa Abdul Sadiq as interim oil minister, replacing Mohamed Oun. Oun got suspended pending an investigation after possible violations that led to neglecting the rights of the Libyan State, circumventing the law and wasting public money.
- Oil could see further gains if OPEC prolongs current production cuts until possibly the end of 2024.
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