Oil prices traded mixed on Friday (Saturday morning GMT ) , because Libya is expected to start exporting more crude oil to the market is already flooded with supply .
On the New York Mercantile Exchange , light sweet crude or West Texas Intermediate ( WTI ) for January delivery fell 90 cents to 96.60 dollars per barrel .
In London , Brent North Sea crude for January delivery ended 16 cents higher at 108.83 dollars per barrel .
Traders are waiting to see if the promise of the Libyan tribal leaders to open up crude oil terminals will be held on December 15 , after his followers continued to blockade the plant for months .
Protests and blockades of fuel delivery by the Berber minority has slashed Libyan output to about 250,000 barrels per day , from the normal level of nearly 1.5 million barrels per day .
Libyan crude oil valued at European refineries .
Andy Lipow of Lipow Oil Associates said U.S. production that touched the highest level in 25 years , with a greater rise predicted for next year , also maintain pressure on U.S. oil prices .
The U.S. Energy Information Administration said U.S. crude oil production has reached 8.075 million barrels per day , and will increase to an average of 8.5 million barrels per day next year .
No comments:
Post a Comment