Oil Drops as Libya Output Back Online

Brent fell to its lowest intraday level in two months following the first increase since March in oil supply from Libya, holder of Africa’s biggest reserves.

Brent slipped for a third day in London to its weakest since Nov. 12. Libya tripled output to about 650,000 barrels a day in the three weeks to Jan. 13 after talks with protesters enabled the restart of Sharara, its second-biggest field, earlier this month, according to the government. West Texas Intermediate advanced for a second day on forecasts that U.S. crude stockpiles declined for a seventh week.

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