Oil's Up for Another Week as Libya Woes Add to U.S. Supply Dive - Bloomberg:
"Crude rose for a second week as American supplies drain and a key Libya oil field was shut. News of a production halt at Libya’s 70,000 barrel-a-day El-Feel field helped cap a weekly drop of more than 3 percent, after a report Thursday showed storage tanks at the Cushing, Oklahoma, hub are at their lowest levels since 2014 as exports of U.S. crude surge. “Yesterday’s inventory report was very bullish for crude oil,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone. The decline of stockpiles “is starting to turn into a potentially critical situation that could be very supportive” for West Texas Intermediate crude prices, plus “the trouble in Libya seems to be on the upswing,” he said."
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