Oil Trades Near $49 a Barrel as Libyan Crude Supply Is Disrupted
Futures fell 0.3 percent in New York after Friday’s 0.5 percent gain. Libya’s biggest oil field cut output by more than 30 percent, a person familiar with the matter said Sunday, while the head of a union said loadings at Zueitina ceased after employees demanded better working conditions. In the U.S., drillers added three crude rigs last week, according to Baker Hughes Inc.
In Libya, the Sharara field’s output has dropped to 200,000 barrels a day, the person familiar said.
“After months of boosting oil production, Libya currently seems to be experiencing output disruptions,” said Michael Poulsen, an analyst at Global Risk Management Ltd. Click Read More below for more of the story.