• Oil fell amind Libya production fears

Market news

5 January 2017

Oil fell amind Libya production fears

This morning, the New York futures for Brent fell 0.34% to $ 56.27 and WTI crude oil futures were down -0.21% to $ 53.15. Thus, the black gold prices drop slightly, correcting after yesterday's rally. Today, there are fears that the growth of oil production in Libya is able to neutralize the OPEC agreement. According to some reports Libian National Oil Corp. currently produces about 700,000 barrels per day. According to statements by the Libyan authorities in the last month, the country plans in 2017 to increase production twice.

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