Oil Slides as IEA Predicts Surplus, Libya Disruption Concerns Fade
Wednesday, 22 January 2020 19:57 WIB | ENERGY |Crude OilOil,brent oilMinyak WTI

Oil prices dropped on Wednesday as the International Energy Agency™s (IEA) forecast of a market surplus in the first half of this year was enough to cancel out concerns about military disruptions that have slashed Libya™s crude output.

Brent crude was down 34 cents, or 0.5%, to $64.25 per barrel, after dropping 0.3% on Tuesday. U.S. West Texas Intermediate crude fell 32 cents, or 0.6%, to $58.05 a barrel, having declined 0.3% the day before.

The head of the IEA, Fatih Birol, said he expects the market to be in surplus by a million barrels per day (bpd) in the first half of this year.

Source : Reuters

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