Oil Posts Longest Run of Weekly Losses Since 2015 Amid Glut
- U.S. supplies remain 100 million barrels above 5-year average
- Libya sees its output reaching 1 million b/d by end of July
Kleinwort Hambros Sees Oil Staying Between $45 and $55
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Oil posted the longest run of weekly losses since August 2015 as OPEC member Libya restored production and the surplus in the U.S. shows little sign of abating.
While futures rose 0.6 percent in New York, they’re down 2.4 percent for the week, a fourth straight decline. U.S. inventories fell less than forecast last week, keeping supplies more than 100 million barrels above the five-year average, according to data from the Energy Information Administration on Wednesday. Libya, exempt from the OPEC-led deal to cut supply, will boost output to 1 million barrels a day by the end of July, according to the country’s National Oil Co.