Oil prices dip with eyes on Libya output, Middle East conflict
Investing.com-- Oil prices fell in Asian trade on Tuesday, cooling after a strong rebound in recent sessions with traders seeking more cues on production disruptions in Libya and a wider war in the Middle East.Expectations of lower U.S. interest rates also boosted oil prices in recent sessions, following a string of dovish signals from the Federal Reserve.
Libyan oil output stood at nearly 1.2 million barrels per day in July, recent data from the Organization of Petroleum Exporting Countries showed. Israel launched a preemptive strike against targets in Lebanon, while the Hezbollah group launched some rocket strikes on parts of Israel.
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