Oil Takes a Hit From Soon To Reopen Lybia Ports

Brent crude headed for a weekly decline before the scheduled reopening of ports in Libya, holder of Africa’s biggest oil reserves.

Futures dropped as much as 0.4 percent in London, having lost 2.9 percent this week. Terminals in eastern Libya will resume on Dec. 15 after a four-month halt, Brigadier Idris Bukhamada, head of the country’s Petroleum Facilities Guard, said Dec. 10. West Texas Intermediate may fall in coming days amid speculation the Federal Reserve will taper bond buying as soon as next week, according to a Bloomberg News survey.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza