top of page

Oil Drops to Seven-Month Low as Libya Adds to Persistent Surplus

Safi Bello

Bloomberg ----- Oil dropped to the lowest in seven months amid a revival in output from Libya and rising volumes of fuel held in floating storage.Futures lost as much as 2.9 percent in New York after falling 1.2 percent Monday. Libya is pumping the most crude in four years after a deal with Wintershall AG enabled at least two fields to resume production. The amount of oil stored in tankers reached a 2017 high of 111.9 million barrels earlier this month, according to Paris-based cargo tracking company Kpler SAS. Oil has slipped below $45 a barrel as supplies in the U.S. remain plentiful and drillers continue to add rigs, raising concerns output cuts by the Organization of Petroleum Exporting Countries and allies including Russia won’t succeed in draining bloated stockpiles. Traders are storing more crude at sea amid swelling production in the Atlantic region, a sign the market is far from rebalancing. To learn more click on the picture below to read the article.

Oil Drops to Seven-Month Low as Libya Adds to Persistent Surplus - Read More from Bloomberg

 
 
Featured Posts
Recent Posts
Follow Us
  • Instagram
  • Pinterest
  • Tumblr Social Icon

© 2025 Safi Bello A Girls How To Guide

bottom of page