- POSTED: 07 Jan 2014 05:49
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Oil prices Monday fell for a fifth straight session on higher output from Libya and skepticism of recent reports that suggest tightening US oil supplies.
NEW YORK: Oil prices Monday fell for a fifth straight session on higher output from Libya and skepticism of recent reports that suggest tightening US oil supplies.
US benchmark West Texas Intermediate for February delivery declined 53 cents to $93.43 a barrel on the New York Mercantile Exchange. US prices have been in retreat since closing at $100.32 a barrel on December 27.
European benchmark Brent oil for February delivery fell 16 cents to $106.73 a barrel in London.
The decline came as Libya began to step up production after the Libyan government last week convinced residents in the town of Ubari to end a five-month blockade of the Al-Sharara oilfield.
The oilfield's output reached 207,000 barrels per day on Monday, compared with 60,000 Saturday, a Libyan oil official told AFP.
A blockade on Libyan oil exports from a number of terminals continued, however.
Bob Yawger, director of energy at Mizuho, said the recent news in Libya has created a perception that output is going to "slowly increase."
Traders are also sceptical over recent US oil inventory reports that showed a big drop in stockpiles in the final weeks of the year. The belief is that the decline stemmed from refiners reducing assets for tax purposes rather than a genuine rise in demand for oil.