Oil Falls as Libyan Output Recovers

Oil prices fell on Monday as a rebound in Libyan oil output weighed against upbeat economic data from Asia that pointed to strong energy demand from the region.

Benchmark Brent futures for June delivery lost 41 cents, or 0.8 percent, to settle at $53.12 a barrel. That, however, was up 29 cents from Friday’s close when May was still the front-month, making it the highest close for the contract in nearly four weeks.

U.S. West Texas Intermediate (WTI) crude, meanwhile, declined 36 cents, or 0.7 percent to settle at $50.24 per barrel.

Reuters

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Craig Erlam

Craig Erlam

Former 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.