The background to stronger oil prices are continuing OPEC-led supply cuts, US sanctions against Iran and Venezuela, and Libya unrest.

While never overly quiet, Libya flared up again:

  • Libya's government said it would start a counterattack to clear the forces loyal to Khalifa Haftar
  • Haftar's 'Libyan National Army' continued its push to enter the Tripoli on Sunday

Libyan oil output has been higher in recent months but this latest turmoil is a reminder that crude flows from the country remain vulnerable.