Global Oil Prices Drop
10 July 2014 10:22 WIB
TEMPO.CO, Tokyo - Oil price has fallen sharply to US$103 per barrel on yesterday following an increase in supplies from Libya and investors' tendency to wait for the stock numbers of US oil which is the key indicator for demands.
On the New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) crude oil for delivery in August traded at US$101.87 a barrel or down by 0.42 percent after rising to US$102.1 a barrel. Brent oil prices also fell 66 cents to US$108.28 a barrel.
The decline occurred after reports that oil production in Libya gain additional supply from two crude oil terminals near Libya.
"El Sharara, the second-largest oilfield in the west of Libya, is now also reopening," analysts at Commerzbank in Frankfurt said. "Libya could thus increase its production volume by more than 800,000 barrels per day even in the near future."
The Energy Information Administration’s data last week showed oil supplies would fall to three million barrels.
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