As the globe's two top consumers of oil, the U.S. and China influence market prices. The U.S. Energy Department indicated the likelihood of an increase in crude oil inventories last week, and crude oil futures fell 1.9 percent prior to that information being disclosed. Net crude imports to China fell to the third-lowest rate this year, according to the customs bureau.
"Oil prices are still high compared to the economic risks we face, not only in Europe but also in the U.S. and Asia," analyst Sintje Diek with HSH Nordbank in Hamburg told Bloomberg. "Overall, volatility is very high."
At 7:24 a.m. on Thursday, crude oil futures fell 1.19 percent, a $1.32 reduction to $110.04 per barrel.
The Wall Street Journal reports oil-rich Libya is set to make a comeback and resume exports of the energy commodity after a six-month hiatus that saw anti-government protests, civil war and the removal from power of a 42-year autocrat. But the oil market is somewhat wobbly now with investors and analysts fearing a double-dip recession.
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