Oil Slides as Ample Supplies Soften Shock of Libya Disruption - Bloomberg:
Oil fell as global markets remain comfortably supplied despite the suspension of exports from Libya, and as equities faltered on political and economic worries in Asia.
Brent crude slipped as much as 1.4% in London, approaching $64 a barrel. Libyan ports have been closed on the order of militia leader Khalifa Haftar while he haggles over a peace settlement with the national government. Yet crude markets remain calm because “the world is awash with oil, mainly coming from the United States,” International Energy Agency Executive Director Fatih Birol said in a Bloomberg TV interview at the World Economic Forum in Davos.
Oil fell as global markets remain comfortably supplied despite the suspension of exports from Libya, and as equities faltered on political and economic worries in Asia.
Brent crude slipped as much as 1.4% in London, approaching $64 a barrel. Libyan ports have been closed on the order of militia leader Khalifa Haftar while he haggles over a peace settlement with the national government. Yet crude markets remain calm because “the world is awash with oil, mainly coming from the United States,” International Energy Agency Executive Director Fatih Birol said in a Bloomberg TV interview at the World Economic Forum in Davos.
Brent crude dropped 86 cents, or 1.3%, to $64.34 a barrel on the ICE Futures Europe exchange as of 10:13 a.m. in London. West Texas Intermediate futures for February lost 59 cents to $57.95 from Friday’s close. There was no settlement Monday due to the Martin Luther King Jr. holiday.
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