Oil Drops in New York and London as Bulls Charge for the Exits
- Libya working to reopen pipeline linking Sharara to Zawiya
- OPEC, non-OPEC committee is said to see July compliance at 94%
Ebele Kemery, head of energy investing at JPMorgan, discusses the outlook for oil and impact from OPEC cuts. She spoke to Mark Barton and Vonnie Quinn on 'Bloomberg Markets.' (Source: Bloomberg)
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Oil slipped the most in a week in New York and London as traders betting on higher prices were seen closing out positions after Friday’s rally.
Futures tumbled more than 2 percent in both markets, with Brent crude sliding from near a three-month high on Friday. Libya is working to reopen a pipeline linking the Sharara oil field to the Zawiya export terminal after loadings were halted. Meanwhile, a committee of OPEC and allies was said to see slightly lower compliance to their output-reduction deal in July.