Crude Prices Ease, May Be Headed for Further Losses

摘要

Oil prices eased last week and could be headed for further losses if the supply situation improves. Brent crude futures lost ground amid reports that Libya is expected to open export terminals at the weekend. While the prospect of Libya boosting its exports is bearish and could push prices lower, market watchers are skeptical that a best-case scenario will in fact occur. The fact that oil prices failed to sustain a substantial rally, even with more than 1.2 million b/d of lost supply from a key Opec producer, shows that the market is well supplied.