Oil prices slip in Asian trade

Dhaka,  Thu,  17 August 2017
Published : 08 Aug 2017, 11:21:12
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Oil prices slip in Asian trade

Oil prices slip in Asian trade
Oil prices slipped further in Asian trading on Tuesday following a recovery in output at Libya's largest oil field and as doubts about OPEC-led production cuts continue to weigh on the market.

Global benchmark Brent crude futures LCOc1 were down 23 cents, or 0.4 per cent, at $52.14 a barrel at 0244 GMT after dipping 0.1 per cent in the previous session.

US crude futures CLc1 were down 18 cents, or 0.4 per cent, at $49.21 a barrel, having fallen 0.4 per cent on Monday.

Production from Libya's 270,000 barrels-per-day (bpd) Sharara field was returning to normal after a brief disruption.

Libya was exempted from a push to cut global production and bolster oil prices led by the OPEC and other big producers like Russia.

The recovery of the North African country's output has complicated the OPEC's efforts to curb supply, fuelling doubts over the effectiveness of the output cuts. 

Libya produced 1.03 million bpd in July, according to the latest Reuters survey.

OPEC output hit a 2017 high in July and its exports hit a record.

On Tuesday the American Petroleum Institute, will release its own report on stockpiles and refinery throughput.

Oil output in the United States has remained high, although Baker Hughes data on Friday showed a cut of one drilling rig in the week to Aug. 4.

Crude oil imports to China for the January to July period rose 13.6 per cent from the year ago period to 247 million tonnes, data from the General Administration of Customs showed on Tuesday, according to Reuters.
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