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Oil fell about 1% on May 31, 2017, as Libya's output was expected to reach 800,000 bpd and US production rose above 9.3 million bpd. Libyan exports averaged 500,000 bpd so far this year versus 300,000 bpd in 2016.
Higher Libyan and US supply weakens the OPEC-led cut's effect on the market, keeping crude prices under pressure and softening energy costs for feed production.
financialpost.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.
