Oil prices steady

Oil prices have remained steady amid supply concerns stemming from political turmoil in Libya and Iraq, which have disrupted production significantly. Libya's output has been halved due to a political standoff, with losses projected to reach between 900,000 and 1 million barrels per day for several weeks. Despite these supply issues, demand signals, particularly from China, appear weaker, capping potential price increases. Brent crude futures have fluctuated around $80 per barrel, influenced by stronger-than-expected U.S. economic growth data, which alleviates some demand concerns. Analysts suggest that the Organization of the Petroleum Exporting Countries (OPEC) may need to delay the phase-out of production cuts to sustain prices in the long term. As a result, while current prices are not historically high, they reflect a complex interplay of geopolitical factors and economic signals.