- Brent and WTI crude fluctuated between gains and losses Monday morning as some supply from Libya and Kazakhstan returned
- Brent traded just shy of $82/Bbl following the biggest weekly gain in a month
- Money managers increased their net-long positions in Brent to a six-week high last week
- Libyan production increased to 900 MBbl/d after pipeline maintenance was complete (Bloomberg)
- Libya’s oil production was between 1.1-1.2 MMBbl/d as recent as November
- Some oil output was restored in Kazakhstan following widespread protests
- AEGIS notes a handful of global supply outages have been the driver of the oil price rally