Upon announcement that Libya’s oil production has fallen, crude-oil futures rose to their highest in three weeks.
Crude oil futures dropped to their lowest levels in about four weeks on Wednesday as the world’s biggest user prepares to release economic data about supplies, according to Bloomberg.
West Texas Intermediate crude oil futures marked a seventh-straight day of losses on Monday in the aftermath of a hurricane invading the Eastern Seaboard of the U.S. and cutting down on demand for the energy commodity, according to Bloomberg.
Confidence about strong global supplies prompted Brent crude oil futures to drop toward their lowest level in five days early during the midweek trading session, according to Bloomberg.
The African continent’s second-largest producer of oil is unlikely to reach next year’s projected generation of 2 million barrels of the energy commodity due to new projects implemented too late, according to Bloomberg.
Inclement weather in many regions of the globe’s top consumer and increased supplies prompted West Texas Intermediate crude oil futures to ebb and flow as the first full trade week of the new year began, according to Bloomberg.
Four top ports in oil-rich Libya remained shuttered on Friday, prompting Brent crude oil futures to mark their top gains in about 14 days on Friday, according to Bloomberg.