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West Texas Intermediate crude fell for a second day amid speculation that the Federal Reserve will reduce stimulus measures next month, curbing investors’ appetite for commodities.
slid as much as 1.8 percent. Minutes from the Fed’s July meeting, scheduled to
be published tomorrow, will probably provide details about deliberations on
when to taper $85 billion in monthly bond buying. Government data tomorrow may
Es Sider, the largest Libyan oil terminal with a capacity of 350,000 barrels of day, has been shut since July 28 because of the petroleum guard protest. State-run National Oil Corp. halted exports of crude and refined products from the Es Sider, Ras Lanuf, Zueitina and Brega terminals, according to a document obtained by Bloomberg.
The country produced 800,000 barrels a day last month, half the rate pumped a year earlier, according to a Bloomberg survey of output from the 12-member Organization of Petroleum Exporting Countries. Libya holds Africa’s largest oil reserves.
WTI for September delivery dropped 88 cents, or 0.8 percent, to $106.22 a barrel at 11:05 a.m. on the New York Mercantile Exchange. It slipped 0.3 percent yesterday, snapping a six-day rally that was the longest since April 25.
The September contract expires at the close of floor trading today. The more-active October contract decreased 70 cents to $106.16. Trading volume was about 7.1 percent below the 100-day average, according to data compiled by Bloomberg.
Brent for October settlement slid 26 cents to $109.64 on the London-based ICE Futures Europe exchange. Volume was 16 percent below 100-day average. Brent’s premium over WTI widened for the first time in three days to $3.48.
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