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Commodities Briefing - Categorized | Market Moves, Oil more

Oil drops on Libyan export resumption hopes

Posted on 30 October 2013

Brent oil futures fell on Tuesday, giving back some of the previous session’s sharp gains, on expectations that fresh disruptions over the weekend in exports from OPEC member Libya could be short-lived. Brent rose 2.5 percent on Monday as reports of Libya’s worst civil unrest since the civil war in 2011 fueled concerns over global oil supplies.
The oil market seesawed on varying reports out of Libya. “The Libyan deal is highly fluid,” said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois. “Yesterday we were looking at production outages, today there’s a renewed upswing in output. It just adds to the volatility.”……………………………………Full Article: Source


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