Oil Falls as Libya Boosts Production

Oil slipped below $55 a barrel on Friday as a stronger U.S. dollar weighed on commodities and as higher Libyan output threatened to counter some of the supply cuts planned by OPEC and other producers.

Crude is still trading around its highest since mid-2015, supported by a deal by the Organization of the Petroleum Exporting Countries and non-members to lower output by almost 1.8 million barrels per day from Jan. 1.

Brent crude LCOc1 was down 32 cents at $54.73 a barrel as of 0931 GMT, after rising 1.1 percent on Thursday. It reached $57.89, the highest since July 2015, on Dec. 12. U.S. crude CLc1 fell 37 cents to $52.58.

Reuters

Euro Yawns as German Consumer Climate Meets Expectations

UK Seeing No Post-Brexit Slowdown

MS

This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

Latest posts by Craig Erlam (see all)