Jul
11
Oil Tumbles on Libya’s Returning Supply
ByPrices fell despite a larger-than-expected drop in U.S. inventories
U.S. crude had its worst day in a year Wednesday despite a larger-than-expected weekly drop in inventories after Libya indicated it would resume export activities at its eastern ports, potentially easing fears of a global supply shortage.
Light, sweet crude for August delivery fell $3.73, or 5%, to $70.38 a barrel on the New York Mercantile Exchange—its largest one-day percentage drop since June 2017 after it rose in eight of the 10 sessions entering Wednesday. Brent crude, the global benchmark, dropped $5.46, or 6.9%, to…
