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Friday, 16 September 2016

Commodity Tips | Oil Prices Drop on returning Libya

Oil prices fell on Friday on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut. Brent crude futures were trading at USD 46.32 per barrel at 0107 GMT, down 27 cents, or 0.6 percent, from their last settlement. US West Texas Intermediate futures were down 24 cents, or 0.6 percent, at USD 43.67 a barrel.

Returning supply from Libya and Nigeria will hamper a rebalancing of the global crude market, weighing on sentiment, traders said.

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