Loading…
Oil prices fell on Thursday, extending the previous session's losses as Libyan exports resumed. The move came despite an IEA warning that the world's oil supply cushion might be stretched to its limit.
Brent fell 30 cents to $73.10 and US crude fell 88 cents to $69.50.
Returning Libyan supply is outweighing IEA warnings about thin spare capacity, which keeps crude under pressure. Lower energy prices reduce the cost pressure on biofuel and related feed inputs.
business-standard.comReutersJul 12, 2018After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
