Oil Falls Fourth Time in Five Days as Libya Output Rises
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West Texas Intermediate crude fell for the fourth time in five days as Libya’s oil output increased and Syrian President Bashar al-Assad said he will provide international inspectors access to chemical weapons facilities.
Prices dropped 1.6 percent. Libya’s El Feel and Sharara oil fields have reopened and will boost production levels, according to the Oil Ministry. Crude climbed to a two-year high Aug. 28 on concern that Syrian tensions would spread and trim Middle East exports. Futures also slid after the biggest rally in three weeks yesterday as the Federal Reserve retained stimulus.