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Crude futures head south

LONDON, July 5, 2016 – The prospect of increased crude supplies from Libya and the partial recovery of oil production in Nigeria put pressure on crude futures on Tuesday, with September Brent futures slipping to USD 47.58 per barrel.

 

This weekend, rivalling officials at the National Oil Companies in Libya decided to close ranks in a bid to unify the country’s oil sector. Many senior officials in the country have said that – conditions permitting ­– Libya’s production could could be pushed past the 700,000-bopd. In Nigeria, production has recovered to some 1.8 million bopd, up from as low as 1.3 million bopd.

At the time of writing, the world’s two main crude grades, WTI and Brent, were trading at USD 48.00 and USD 49.84 per barrel, respectively.

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