الخميس، 10 يوليو 2014

Libya _ NYMEX-U.S. oil drops further on gasoline demand, rising Libya exports&



(Reuters) - U.S. crude oil fell below $102 on Thursday, to trade at its lowest level in more than a month, on wavering demand for gasoline and projections for rising supplies from OPEC member Libya.

FUNDAMENTALS
* U.S. crude futures for August delivery fell 32 cents to $101.97 a barrel by 0002 GMT, after earlier trading as low as $101.72 - the lowest level since June 5. The benchmark contract finished $1.11 lower on Wednesday.
* U.S. crude stocks fell last week as refineries raised output, while gasoline inventories rose amid faltering demand, data from the U.S. government agency Energy Information Administration showed on Wednesday.
* Libya's oil industry hopes life will return to normal now that a wave of protests has ebbed, but it will take months to ramp up production and more unrest is in prospect as political chaos spreads in the North African country.
* The Federal Reserve has begun detailing how it plans to ease the U.S. economy out of an era of loose monetary policy, indicating it will end its asset purchases in October and appearing near agreement on a plan to manage interest rates in the future, according to minutes of the last Fed policy meeting.
* Construction of the 600,000-barrel-per-day Flanagan South oil pipeline from Illinois to Oklahoma will be complete late in the third quarter, with the first oil flowing early in the fourth quarter, operator Enbridge said on Wednesday.

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