Oil Falls to 1-Month Low as Nigeria, Libya Poised to Swell Glut
- U.S. drillers continue their expansion with rising rig count
- Gasoline gains on delayed start of Colonial Pipeline’s Line 1
This article is for subscribers only.
Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus.
Futures dropped 2 percent. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key Libyan terminal for the first time in almost two years should load by Saturday. The oil surplus will last longer than previously thought, the International Energy Agency said Tuesday.