MTECHTIPS:-Crude settles lower on oversupply jitters as Libya resumes

MTECHTIPS:-Crude settles lower on oversupply jitters as Libya resumes output

MTECHTIPS-Crude futures settled lower on Thursday, pressured by an increase in global production after two of Libya’s key oilfields resumed output. On the New York Mercantile Exchange crude futures for June delivery lost 1.3% to settle at $48.97 a barrel, while on London’s Intercontinental Exchange, Brent lost 0.65% to trade at 52.09 a barrel. Libya’s Shankara and El Feel oilfields, which combined produced 390,000 barrels per day, have restarted after protests that had blocked pipelines came to an end, a Libyan oil source said Thursday. The restart of key Libyan oil fields came a day after the Energy Information Administration (EIA) released a report, which showed a larger than expected drawdown in U.S. crude inventories. For the week ended April 19, The EIA said that crude oil inventories fell by 3.641 million, which confounded expectations of a draw of only 1.661 million barrels. The larger drawdown in U.S. crude inventories was offset, however, by a ramp-up in gasoline inventories to a three-month high amid a slowdown in gasoline demand. Crude futures remained on track for a second-straight week of losses, after posting a 6% loss the previous week

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