WTI rises after two days of losses [Video]
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WTI rises after two days of losses [Video]

U.S. crude oil futures rose nearly 2% on Thursday, rebounding after a two-day losing streak as Libya confirmed major disruptions in its oil output.

Production in Libya has fallen by 1.5 million barrels over the past three days for a total loss of $120 million, according to the OPEC member’s National Oil Corporation.

The consulting firm Rapidan Energy has estimated production disruptions in Libya would total 900,000 to 1 million bpd and last several weeks.

Meanwhile, Iraq plans to reduce oil output from 4.25 million bpd in July to about 3.9 million bpd in September, a source told Reuters. Iraq has been producing more than its quota of 4 million bpd under an agreement with OPEC and its allies, according to Reuters.

Here are Thursday’s energy prices:

  • West Texas Intermediate October contract: $75.91 per barrel, up $1.39, or 1.87%. Year to date, U.S. crude oil has gained 5.9%.
  • BrentOctober contract: $79.94 per barrel, up $1.29, or 1.64%. …

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