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Oil prices hit by stronger dollar, reports of Libyan production boost

Oil Prices Hit By Stronger Dollar, Reports Of Libyan Production Boost article is one concerning those Finance, Forex class, published immediately upon our publisher Erick Emerson much as February 7, 2019, the blogpost can search immediately upon that tags Boost, Dollar, Hit, Libyan, Oil, prices, production, reports, stronger. I am joyful to blissful you moreover providing the others blogpost concerning finance as well I am always publishing the essay everyday.

Oil prices were in the red early Thursday, driven there by a stronger dollar and reports that Libya could soon increase production.

U.S. benchmark March West Texas Intermediate crude oil


fell 73 cents, or 1.3%, to $53.28 a barrel on the New York Mercantile Exchange.

International benchmark April Brent

LCOJ9, -0.51%

fell 45 cents, or 0.7%, to $62.24 a barrel on ICE Futures Europe.

The ICE U.S. Dollar Index

DXY, +0.06%

 was up 0.1% at 96.511. The gauge has been positive for six trading days in a row now, according to FactSet. A firmer greenback tends to weigh on sentiment for all commodities. A richer dollar makes those commodities priced in the unit less attractive to investors using another currency.

A Libyan general took control Wednesday of the country’s largest oil field, the Sharara, raising the likelihood the facility will restart production, according to the Wall Street Journal. The added supply could bring more oil to the global market and put downward pressure on prices. The Sharara facilities, which can pump roughly 315,000 barrels a day of crude, were shut down late in 2018 after a group of armed gunmen took control of the field demanding better living conditions in the region.

Libya, a member of the Organization of the Petroleum Exporting Countries, is currently exempt from the cartel’s agreement to curb production due to the civil unrest that has plagued its oil industry and economy.

The Energy Information Administration reported Wednesday that domestic crude supplies rose by 1.3 million barrels for the week ended Feb. 1. That was smaller than the 3.7 million-barrel rise expected by analysts polled by S&P Global Platts. American Petroleum Institute data on Tuesday showed an increase of 2.5 million barrels.

Oil prices trade higher year to date, with WTI front-month contract prices up about 19%. The political crisis in Venezuela was part of the reason prices were rising in previous weeks, but this seems to have been priced in by now, analysts have said.

The Organization of the Petroleum Exporting Countries and 10 partner producers outside the cartel agreed late last year to hold back crude output by 1.2 million barrels a day for the first half of 2019, in an effort to soak up that global supply glut and rebalance the market. OPEC, excluding Iran, Libya and Venezuela, agreed to handle 800,000 barrels a day of those cuts.

On Tuesday, The Wall Street Journal reported that OPEC officials said Saudi Arabia and its Persian Gulf allies were looking to create a formal partnership with a 10-nation group led by Russia to manage the world’s oil market. The officials also said those oil-producing nations would debate the proposal during the week of Feb. 18 Vienna, with the potential for a final deal when they meet in April.

Read: New Goldman CEO plans to cut commodities business

Gasoline stockpiles edged up by 500,000 barrels last week, while distillate stockpiles were down 2.3 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply increases of 1.7 million barrels each for gasoline and distillates.

On Nymex, March gasoline

RBH9, -1.01%

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