WTI Oil Falls Below $100 a Barrel as Supply Risks Abate
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West Texas Intermediate oil fell below $100 and Brent tumbled to a three-month low as supply-disruption concerns eased with Libyan output gains and Iraqi shipments were unaffected by an insurgency.
Libya is seeking to boost oil exports after two ports reopened and Iraqi lawmakers today elected a speaker of parliament. U.S. crude output rose to the highest since 1986 in the week ended July 4, and further gains are likely as benign summer weather is expected to increase pumping from North Dakota, the second-largest oil-producing state.