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MTECHTIPS;-Crude Oil Prices Settle 5% Lower as Libya Resumes Exports, OPEC Output Jumps

Thursday, July 12, 2018 2:17

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MTECHTIPS;-Crude Oil Prices Settle 5% Lower as Libya Resumes Exports, OPEC Output Jumps

MTECHTIPS- crude oil prices settled sharply lower Wednesday, shrugging off a larger-than-expected draw in U.S. crude stockpiles as raising OPEC output, and the reopening of terminals in Libya dented investor expectations for a global supply shortage. On the New York Mercantile Exchange crude futures for July delivery fell 5% to settle at $70.38 a barrel, while on London’s Intercontinental Exchange, Brent fell 6.7% to trade at $73.56 a barrel. Inventories of U.S. crude fell by 12.633 million barrels for the week ended July 6, confounding expectations for a draw of 4.489 million barrels, according to data from the Energy Information Administration (EIA). The large draw in crude supplies came as imports fell by 1.315 million barrels a day (bpd), and output remained roughly flat at 10.9 million bpd, the EIA said. The production shutdown at Canada’s Syn crude – which has capacity to produce 350,000 bpd of oil – continued to weigh on North American crude supplies

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