MTECHTIPS;-Crude futures settle lower as Libya ramps up production

MTECHTIPS;-Crude futures settle lower as Libya ramps up production

MTECHTIPS-Crude futures settled lower on Monday, after Libya ramped up production while fears resurfaced that rising U.S. production would offset an OPEC-led deal to curb the global glut in supply. On the New York Mercantile Exchange crude futures for June delivery lost 1% to settle at $48.44 a barrel, while on London’s Intercontinental Exchange, Brent lost 0.98% to trade at 51.53 a barrel. Oil prices added to losses sustained in April, as Libya fuelled oversupply concerns, after production rebounded to the highest rate since 2014, chairman of the National Oil Corp. said. Libya’s crude production rebounded as the country’s two key oilfields resumed output, after protests that had blocked pipelines came to an end. Meanwhile rising U.S. production jitters continued into the month of May, after Oilfield services firm Baker Hughes reported its weekly U.S. rig count rose by 9 to 697. Crude output, which hit its highest rate since April 2015, remained one of the key factors contributing to the recent slide in oil prices as investors feared that rising U.S. production would offset an OPEC-led deal to curb the global glut in supply.
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