WTI Crude Advances Amid Signs China Slowdown Stabilizing
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Brent crude declined for a second day as Libya reopened a terminal closed by protests, while Iranian President Hassan Rohani pledged in his inaugural speech to shun extremism and take a moderate approach.
Futures dropped as much as 1.1 percent. Libya’s Marsa el Hrega port reopened and the first crude cargo was exported Aug. 1, according to Naji Mokhtar, the head of the parliamentary energy committee. In Iran, Rohani took his oath of office yesterday, saying the U.S. and the European Union should end sanctions aimed at stopping the Persian Gulf nation’s nuclear enrichment program, which have curbed its oil exports.