- Crude oil prices slide sharply lower on news that Libya is raising production, adding to concerns that OPEC-led cuts are being undermined by producers outside the deal; U.S. crude -2.1% at $48.58/bbl, Brent -2.6% at $50.50/bbl.
- Libya's oil production is expected to regain a three-year production peak of 800K bbl/day this week, the country's National Oil Corporation says, as output at its largest oil field has recovered from a technical problem and is now at the 794K bbl/day level - 300K bbl/day higher than a month ago.
- Meanwhile, U.S. output has climbed to more than 9.3M bbl/day, close to top producers Saudi Arabia and Russia.
- Also weighing on the price is the generally negative tone arising from last week's meeting, where the production cut extension already had been baked into the oil price, disappointing investors and traders who were looking for deeper cuts than the original 1.8M bbl/day.
- ETFs: USO, OIL, XLE, UCO, VDE, ERX, OIH, SCO, XOP, BNO, DBO, ERY, DIG, DTO, USL, DUG, BGR, IYE, IEO, FENY, DNO, PXE, FIF, OLO, PXJ, RYE, SZO, NDP, GUSH, DRIP, DDG, FXN, OLEM, CRAK
- Now read: Momentum For USO? 4/2/17
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