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Oil declines as market surplus forecast counters Libya worries
Oil prices eased on Wednesday, extending declines as the International Energy Agency forecast a market surplus in the first half, helping ease concerns about disruptions that have slashed Libya’s crude output.The head of on Tuesday he expects the market to be in surplus by a million barrels per day in the first half of this year.”I see an abundance of energy supply in terms of oil and gas,”told the Reuters Global Markets Forum, while he was attending
World Economic Forum meeting in Switzerland.”It’s the reason that recent incidents we have seen – with the Iranian general killed, Libya unrest – didn’t boost international oil prices, said, referring to the U.S. killing of an Iranian commander and retaliation by Tehran that sent prices briefly soaring earlier this month
.Libya’s National Oil Corp on Monday declared the loading of oil from two major oil fields after the latest development in a long-running military conflict.”
Market participants are already starting to fade this story – believing that this is a transitory outage,” said Croft, global head of commodity strategy at Capital Markets.
