Oil Settles Near $52 as Investors Eye Libyan Crude Output Return
- Libya guards prevent two oil fields from resuming production
- Market waits to assess OPEC, non-OPEC production cuts in 2017
Oil Outlook: How Should Investors Play the Sector?
Oil settled near $52 a barrel as investors eyed the potential return of crude supply from Libya and awaited signs of output cuts in January after the deal among OPEC and non-OPEC nations to reduce a global glut.
Futures rose 0.4 percent in New York after fluctuating between gains and losses during the session amid light volume. Libyan oil-facility guards backtracked from an agreement to allow supply to flow from the El Feel and Sharara fields, two of the country’s biggest. Investors are focused on production cuts by major exporters that are set to start early next year. Saudi Arabia is said to plan to cut smaller amounts of crude volumes sold to Asia than to other regions including North America, according to people familiar with the matter.