Oil Stalls Below $60 With Resumption of Libya Pipeline in Sight
- U.S. crude stocks fell by 5.96 million barrels last week: API
- Waha oil pipeline said to require about a week of repair work
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Crude slipped for the first time in more than a week following reports that a damaged Libyan pipeline should be repaired next week.
Futures fell 0.6 percent in New York on Wednesday, with trading volumes about 50 percent below the 100-day average. The Waha Oil Co. pipeline that carries crude to Libya’s largest terminal will need about a week for repairs following an explosion on Tuesday, people familiar with the situation said. Meanwhile, an American Petroleum Institute report which was said to show U.S. crude stockpiles falling by 5.96 million barrels last week didn’t faze the market.