- WTI is up 42c to $40.67/Bbl, and Brent is up 40c to $42.32/Bbl
- Oil reversed early Monday morning loses following a weaker dollar and a broader rally in the equity markets
- The U.S. dollar hit session lows, making commodities priced in the reserve currency more attractive
- Additional oil supply from Libya has added to the already shaky demand outlook
- Libya has almost tripled its output to 250 MBbl/d, according to Bloomberg sources
- The OPEC member will continue to expand further as ships load crude from storage, allowing fields to pump more
- Libya was producing 1.2 MMBbl/d last year, before Khalifa Haftar, a Russian-backed commander who controls eastern Libya, blockaded port and fields in mid-January (Bloomberg)
- Oil-directed rigs in the U.S. rose by four to 183 last week according to Baker Hughes
- Rigs in Texas rose the most at seven, to now total 113
- Oil rigs are now down 530 versus the year ago level of 713