- Oil is down more than $1 to $74.40/Bbl as demand concerns weigh on the market (As of 8:15 AM)
- Barclays said in a note that, "Supply risks in Libya have come to the fore, but market participants seem sanguine ... demand in China remains weak, and the expected second-half rebound has yet to show credible signs of commencing,"
- The API is forecasting a US inventory withdrawal of 3.4 MMBbls ahead of the EIA data release today
- Libyan oilfield closures spread (Reuters)
- The 209 MBbl/d Sahir oilfield has been shut in following the closure of the Sharara oilfield and a decision by the authorities of Eastern Libya to halt oil production and exports
- The stoppage of oil production Is driven by a disagreement over Libya’s central bank and oil revenues
- Armed factions have been vying for control over Libya, often resulting in disruptions to the country's oil production of 1.18 MBBl/d
- It is unknown when output will return to normal levels
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