Overview

• Libya's oil production has dropped by over 50%, halting exports at several ports.
• Iraq plans to cut oil output in September to comply with OPEC+ quotas.
• U.S. crude inventories fell by 846,000 barrels, less than anticipated.
• Expectations of U.S. interest rate cuts are providing additional support to oil prices.
• Analysts remain cautious about medium-term oil market stability due to ongoing geopolitical risks.