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Oil down closer to $103 on boost in Libya supplies

Published on NewsOK Modified: July 9, 2014 at 7:26 am •  Published: July 9, 2014

Oil prices inched down toward $103 a barrel Wednesday as supply concerns dissipated and investors awaited the release of figures on U.S. stockpiles of crude and refined fuels that will be a key indicator of demand.

By early afternoon in Europe, benchmark U.S. crude for August delivery was down 11 cents at $103.29 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, the Nymex contract fell 13 cents.

Brent crude, a benchmark for international oils, was down 15 cents to $108.79 on the ICE Futures exchange in London.

Reports that Libya's oil production was getting another boost, soon after news that two crude export terminals were close to resume shipments, weighed on market prices.

"El Sharara, the second-largest oilfield in the west of Libya, is now also reopening," analysts at Commerzbank in Frankfurt wrote in a note to clients. "Libya could thus increase its production volume by more than 800,000 barrels per day even in the near future."

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