Crude oil in Reverse Gear as Libya, Nigeria Supplies Return
Crude oil futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.
US drillers added 7 oil rigs in the week to September 9, bringing the total rig count to 414, the most since February. Also, returning supply from Libya and Nigeria will hamper a rebalancing of the global crude market, weighed on the sentiment.
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