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Home>UPDATE: Oil turns lower to post 3-day losing streak

UPDATE: Oil turns lower to post 3-day losing streak

UPDATE: Oil turns lower to post 3-day losing streak

10/05/2017

By Myra P. Saefong and Mark DeCambre, MarketWatch

U.S. crude supplies drop; Libya reportedly reopens its largest oil field

Crude-oil prices extended losses into a third session on Wednesday, giving up earlier gains seen in the wake of a much-larger-than-expected weekly drop in U.S. crude supplies.

There didn't appear to be any one particular reason for the turn lower in prices. "There are plenty of times when there is no good reason for an increase or decrease," said Tom Kloza, global head of energy analysis at the Oil Price Information Service. "It's a noisy uncertain market."

Bloomberg reported that Libya has restarted its largest oil field. Concerns had emerged over output from the country, a member of the Organization of the Petroleum Exporting Countries, after gunmen forced a shutdown of the field over the weekend.

Traders also fretted over flagging compliance in an oil-producer with a key production-cut agreement, amid growing speculation that parties to the OPEC-led pact will extend it past March 2018.

November West Texas Intermediate crude shed 44 cents, or 0.9%, to settle at $49.98 a barrel on the New York Mercantile Exchange, after trading high as $50.67 shortly after the supply data release. Prices marked their lowest finish and first settlement below $50 since Sept. 19, according to FactSet data.

December Brent crude , the international benchmark, lost 20 cents, or 0.4%, to $55.80 a barrel on ICE Futures Europe.

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