West TX Oil Below $104.50 as Libya Declares End to Oil Crisis

Crude oil on both sides of the Atlantic dropped on Thursday as supply fears began to ease after Libya declared an end to an oil crisis that has slashed exports from the OPEC member.

Libya’s government said it had reached a deal with a rebel leader controlling oil ports involving the handover of the last two terminals, potentially making an extra 500,000 barrels per day (bpd) of crude available for export.

Brent fell to a three-week low, dropping 50 cents to under $111 a barrel. U.S. crude declined 50 cents to under $104, also sliding to a three-week trough.  The crisis in Iraq is still providing a floor for prices, however, with industry officials and analysts saying the world’s spare production capacity would struggle to cover for another big oil outage.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.