Oil Steady as China Demand Concerns Offset Libyan Disruptions.

Oil prices remained steady as concerns about China's economic outlook offset disruptions in Libya's oil supply. Brent crude traded near $77 a barrel, while West Texas Intermediate was close to $74. China's economy is being affected by a property crisis, making it unlikely to reach its growth target. In Libya, the state oil firm declared force majeure at the El-Feel field, which has already halved the nation's oil output. These disruptions may give OPEC+ the opportunity to restore some production next quarter. However, the market is also preparing for additional oil supply from OPEC+ in October. The US is also considering imposing new sanctions on Venezuelan government officials in response to disputed election results. [Extracted from the article]