Oil Trades Near $49 a Barrel as Libyan Crude Supply Is Disrupted

Futures fell 0.3 percent in New York after Friday’s 0.5 percent gain. Libya’s biggest oil field cut output by more than 30 percent, a person familiar with the matter said Sunday, while the head of a union said loadings at Zueitina ceased after employees demanded better working conditions. In the U.S., drillers added three crude rigs last week, according to Baker Hughes Inc.

In Libya, the Sharara field’s output has dropped to 200,000 barrels a day, the person familiar said.

“After months of boosting oil production, Libya currently seems to be experiencing output disruptions,” said Michael Poulsen, an analyst at Global Risk Management Ltd.

West Texas Intermediate for September delivery was at $48.66 a barrel on the New York Mercantile Exchange, down 16 cents, at 10:31 a.m. London time. Total volume traded was about 10 percent below the 100-day average. Prices rose 23 cents to $48.82 on Friday, trimming the weekly loss to 1.5 percent.

Brent for October settlement fell 26 cents to $51.84 a barrel on the London-based ICE Futures Europe exchange, after sliding 0.6 percent last week. The global benchmark crude traded at a premium of $3.05 to October WTI. The spread reached $3.15 on Aug. 10, the widest since December 2015.
more at:  https://www.bloomberg.com/news/articles/2017-08-13/oil-holds-gains-near-49-as-libyan-output-falls-terminal-shuts

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