SEOUL (Reuters) – Oil prices fell on Friday, dragged lower by persistent worries about oversupply despite a bigger-than-expected drawdown in US crude inventories. Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down around 1.5%, with US prices slipping back below US$50 per barrel amid ongoing oversupply concerns. “Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories,” ANZ bank said in a note. OPEC said its oil output rose by 173,000 barrels-per-day (bpd) in July to 32.87 million bpd. Rising output from Nigeria and Libya is further undermining the oil producers’ attempt to limit oil production.

Source: Libya Today August 11, 2017 03:33 UTC