By: Mahmoud Gamal
Mubasher: Oil prices retreated on Thursday, on the back of the pressures resulted from the rise in Libya's oil production, despite the start in the application of OPEC's production cut deal.
By 03:00 GMT, Brent crude oil futures decreased 0.37% or 21 cents to $56.27 per barrel; WTI also shed 0.23% or 12 cents to $53.14 per barrel.
The decline in oil's price is a natural technical rebound after Libya's announced that it will increase its output, along with the figures of the US inventories, which came down but in-line with the estimates, technical analyst, Zamil Al Otaiby, told Mubasher.
Libya’s National Oil Corporation announced on Wednesday that the country’s crude oil output approached 700,000 barrels per day, after the resumption of pipeline operation from two major fields.
The Libyan output momentum in the current year is considered non commitment to the OPEC and non-OPEC production output deal, which became into effect this January, Al Otaiby added.
Overall US crude oil production rose 230,000 barrel per day in the ast six months to reach 8.8 million barrels per day, according to official figures released on Wednesday.
Translated by: Sara Ghali
