18-07-2018 04:00 PM
Oil prices dropped on Wednesday after a small raise in the preceding session in the midst of a surprise rush in US crude inventories reported last week.
Crude Oil price was trading lower at $ 66.81 at the time of preparing this report.
After rising to over $72 per barrel yesterday, Brent oil reversed on the falling track, as the American Petroleum Institute displayed a rise of over 600,000 barrels in US crude stockpiles last week.
In the interim, Libya once again opened its ports and started exporting oil again after the closures of its oil field.
The country’s National Oil Corporation pronounced its force majeure on exports from Zawiya oil terminal on Tuesday, in a bid to increase national production.
The organisation’s Chairman Mustafa Sanalla remarked - “We have to prioritize local demand for fuel. For the time being all, Sharara production will go to the refinery.”
On Monday, the US Treasury Secretary Steven Mnuchin said Washington might grant waivers to Iran oil purchases.
The U.S. Department of Energy's Energy Information Administration are due to release its official data at 10:30AMET (14:30 GMT) today.