Spot Cargo Markets — Supply Concerns Ease

摘要

Oil prices fell sharply last week after Libyan rebels agreed to reopen the remaining two terminals at Es Sider and Ras Lanuf, potentially boosting Libya’s crude exports by 500,000 barrels per day. The looming Independence Day holiday weekend encouraged further profit-taking as investors sought to offload excessive net length before Friday’s US market closure. Oil prices have been on a downward track for the last two weeks as fears that the Sunni Islamist insurgency in northern Iraq would disrupt exports from Opec’s s