Oil Heads for Weekly Loss as Libya, Dollar Weigh Against Cuts

Oil headed for a weekly loss as Libya prepared to raise supply and the dollar strengthened, offsetting the impact on prices from an agreement by OPEC and other producers to cut production.

Futures dropped 0.6 percent in New York, poised for a 1.8 percent weekly decline. Libya reopened one of its biggest oil fields and was preparing the first crude shipment in two years from its largest export terminal, Es Sider. The U.S. dollar is headed for its biggest weekly gain in almost a month against major peers after the Federal Reserve raised interest rates.

West Texas Intermediate for January delivery slipped 30 cents to $50.60 a barrel at 10:20 a.m. in London. The contract fell 14 cents to close at $50.90 on Thursday. Total volume traded was about 25 percent below the 100-day average. Prices closed at the highest since July 2015 on Tuesday.

Brent for February settlement slipped 24 cents to $53.78 a barrel on the London-based ICE Futures Europe exchange. Prices climbed 12 cents to $54.02 a barrel on Thursday. The global benchmark crude traded at a premium of $2.12 to February WTI.
more at:  https://www.bloomberg.com/news/articles/2016-12-16/oil-heads-for-weekly-loss-as-libya-dollar-weigh-against-cuts

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