Oil is having a brutal summer despite unrest in some of the world’s top oil producing countries. Abundant supply and sluggish demand continue to weigh on prices. At $101.44, London-traded Brent crude is down approximately 6% over the past three months, and 12% since a brief mid-June run-up when investors were first grappling with the implications of terrorist group ISIS’ gains in Iraq. On Thursday, markets got more bearish news as Libya announced oil exports would resume out of Es Sider, its largest terminal and the last remaining port shut down by unrest, WSJ’s Benoit Faucon reports. Prices fell …read more
Source: Business Insider
