Libya news of renewed oil exports lower world oil prices

Most importantly, the market has weighed concerns over the rebounding Libyan bid. Oil prices fell on Wednesday as Libya was ready to restore hundreds of thousands of barrels a day.

The delivery of West Texas Intermediate (WTI) fell from $ 3.73 Wednesday to $ 70.38 per barrel. York Mercantile Exchange. The 5% drop was the biggest daily drop in the last year. Brent sank almost 7% on Wednesday.

The oil benchmarks went in the same direction this week. On Friday, the WTI delivery for August erased some of the weekly losses, up 68 cents to 71.01 on the New York Mercantile Exchange, while Brent crude for delivery in September added 0.88 to 75, $ 33 a barrel on the London ICE Futures Exchange. traders were not totally convinced of the stability of the rebirth of Libyan crude oil.

WTI and Brent lost 3.8% and 2.3%, respectively, for the week. However, analysts also attributed the sharp drop to a "correction" as the overall supply gap declined and the trade dispute between the US and China intensified

. other producers of the Organization of Petroleum Exporting Countries (OPEC) to increase oil production of about 1 million barrels a day, in order to curb oil price rises [19659005]. Crude oil production increased by 405,000 barrels per day to 10.42 million barrels per day

As the largest producer of crude oil, US production plays an important role in the global market. According to the US Energy Information Administration (EIA), crude oil production in the United States has stagnated so far this year, setting an average of 10.9 million barrels a day the previous week. The production rate remained at the same level for five weeks.

The WTI-Brent spread remained below $ 5 after Saudi oil exports and the stagnation of US production.

Nowadays, the bearish feeling has taken control of the market, while the prospect of a total closure of Iranian oil exports has weakened, and that Libyan exports have come back online and that Saudi Arabia has rapidly increased production.

The market has also felt a kind of nervousness Rumors that the Trump administration was planning to tap into strategic oil reserves (SPR) to curb rising prices at the pump before the congressional elections in November

4.2 million barrels of lower US commercial crude oil inventories, excluding SPR, but EIA announced that commercial crude oil inventories decreased by 12.6 million barrels in the week ending July 6th.