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2014-07-04 17:30:00

DEPRESSING OIL PRICES

DEPRESSING OIL PRICES

West Texas Intermediate and Brent headed for a second weekly drop as Libya prepares to resume exports from two terminals and amid speculation that Iraq's crude production will remain unaffected by violence.

WTI futures were little changed in New York after falling for a sixth day yesterday, the longest losing streak since May 2012. Libya will start shipping from Es Sider and Ras Lanuf at full capacity after taking back control of the ports from rebels, according to National Oil Corp. Fighting in Iraq hasn't spread to the south, home to more than three-quarters of its output. Hurricane Arthur made landfall on the U.S. East Coast and may reduce driving over the Fourth of July…

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Tags: OIL, LIBYA, IRAQ, WTI, BRENT
Chronicle:
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