Oil prices sank 3 percent to a three-week low on Wednesday as an increase in Libyan output helped boost monthly OPEC crude production for the first time this year. For the month of May, Brent fell almost 3 percent, its fifth straight monthly loss. WTI had its third straight monthly decline, ending May down more than 2 percent. Libya’s oil production has risen to 827,000 bpd, above a three-year peak of 800,000 bpd reached earlier in May, the National Oil Corporation said. Compliance with output cuts remained high among OPEC members and industry sources said Russian figures for May showed output in line with its pledge.

Source: Egypt Independent June 01, 2017 08:37 UTC