Oil Prices Dip as China's Weak Demand Meets OPEC+ Production Plans

Libyan supply disruptions offer limited support amid broader economic concerns in major markets.

U.S. crude oil prices have nearly erased all gains for 2024, with West Texas Intermediate trading at $72.45 per barrel.
China's manufacturing sector contracted to a six-month low, exacerbating demand concerns for the world's second-largest oil importer.
Libya's force majeure at the El-Feel oilfield has cut production significantly, yet its impact on global prices remains limited.
OPEC+ is set to increase production by 180,000 barrels per day in October, despite weak demand signals from key markets.
Economic headwinds in China and the U.S. are contributing to volatility and downward pressure on oil prices.