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Brent crude fell to a three-week low on May 31, 2017, and WTI settled at $48.32, down 2.7%, after Libyan output recovered to 827,000 bpd, above a three-year peak. The National Oil Corporation reported the increase, and US output above 9.3 million bpd added to supply concerns.
Rising non-OPEC supply from Libya and the US undermines the OPEC-led cuts meant to drain inventories, pressuring crude and related energy-linked feed input costs lower.
cnbc.comReutersMay 31, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
