Supply concerns push oil prices higher

Supply concerns triggered by news that Libya's oil production has decreased by 1 million barrels per day are driving oil prices higher. Despite estimates that growth in the global economy is slowing and assessments that ongoing COVID measures in China will slow the recovery in fuel demand, the price of a barrel of Brent crude on ICE this morning rose above $123. Brent crude on ICE is currently trading at $122.98/barrel, up 71 cents from yesterday. West Texas Intermediate crude is currently trading at $121.64/barrel, up 70 cents on NYMEX. All eyes are on the Fed meeting. How hawkish a decision the Fed will make and whether it will have a restrictive effect on the US economy will guide the markets.