September 3, 2024 (Investorideas.com Newswire) Oil futures stabilised in the early European session on Tuesday as the market balanced concerns over weak economic growth in China, which overshadowed the impact of halted production and exports from Libya. China’s financial struggle, highlighted by disappointing PMI data and slow growth in export orders and home prices, continues to weigh on near-term crude prices.
In Libya, political tensions have caused major disruptions in oil production and exports, with the National Oil Corp declaring force majeure due to conflicts over control of the central bank and oil revenue. At the same time, OPEC+ plans to increase production by some of its members by 180,000 barrels per day in October might help offset some of the current supply issues.
Looking ahead, the market will be watching the U.S. Manufacturing PMI report due later today. A positive reading could signal increased industrial activity and energy demand, potentially supporting crude prices in the near term. However, continued weakness might put more pressure on oil prices due to potentially reduced demand.
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