Crude ascends on Libyan supply disruptions

Crude ascends on Libyan supply disruptions

On Wednesday, crude prices extended their revenues from last session, driven by supply disruptions in Libya as well as expectations that an OPEC-led output reduction is going to be extended into the second half of 2017.

Brent crude futures had soared 14 cents from their previous close to $51.47 per barrel by. In America, West Texas Intermediate crude futures gained 20 cents, being worth $48.57 a barrel.

Yesterday, both crude benchmarks added by more than 1%.  

Crude output from the western Libyan fields of Wafa and Sharara has been blocked by armed protesters, cutting output by 252,000 barrels per day, as a source at the National Oil Corporation informed Reuters on Tuesday.

The Organization of the Petroleum Exporting Countries and some other oil producers including Russia, have agreed to reduce output by nearly 1.8 million bpd during the first half of 2017 to rein in a global fuel supply overhang and also bolster prices.


Gold declines on Fed remarks

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Asian shares tumble with Japan markets shut

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Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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