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Libya Containing Es Sider Oil Fire but Export Resumption in Question
Officials and industry insiders said Libya has made progress containing a fire at its largest oil port that has destroyed four days of the country #39;s oil production but the damage to storage...
By: WochitGeneralNews
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Libya Containing Es Sider Oil Fire but Export Resumption in Question - Video
Oil prices got a temporary boost Monday from fresh concerns over Libya's ability to bring oil to market, but prices reversed and U.S. crude futures hit a new five-year low.
The Libyan crisis escalated as the conflict among militias roiled the OPEC-member nation. The strife could create a turning point in the monthslong rout of the oil market that has seen prices plunge as much as 50 percent, Francisco Blanch, head of commodities at Bank of America, told CNBC's "Squawk on the Street" on Monday.
"I do think Libya is a very important supplier. The return of Libya is what started the rout downwards in the first place, so I think if we do see Libya offline for the majority of 2015, it could provide a lot of support to prices here," he said.
But the glut of oil in world markets has been weighing on markets, and OPEC has vowed not to cut production as prices fall. "The market continues to react to the oversupply in crude oil and the reiteration by the Saudis that they're not cutting production," said Andrew Lipow, president of Lipow Oil Associates.
West Texas Intermediate futures for February fell to $53.12 per barrel, breaking through an earlier 2014 low and its lowest price since May 2009.
"We're going to see $50 in the next couple of weeks for WTI," Lipow said. "This could be the first December since 2005 that crude inventories will have risen, when we normally expect a drawdown as oil companies meet their LIFO targets."
Read MoreBottom on oil's plunge unknown: Expert
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Oil hits fresh five-year low, looks past Libya
Caller: Most Under-Reported, Eric Holder not Prosecuting Banksters...
If you liked this clip of The Thom Hartmann Program, please do us a big favor and share it with your friends... and hit that "like" button! http://www.thomhartmann.com Follow Us on Twitter:...
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Caller: Most Under-Reported, Eric Holder not Prosecuting Banksters... - Video
Top 10 Democrat Fails of 2014
Honorable Mentions: Debbie Wasserman Schultz Lena Dunham Bill de Blasio Harry Reid Wendy Davis The Ebola Nurse Eric Holder MSNBC.
By: elly maye
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Top 10 Democrat Fails of 2014 - Video
The End of the Republican Party
The James wright Foley depression brings you videos highlighting militaristic... Weapons,World News Bomb,Agenda Ships Vehicles Dealings Non negative the men and women...
By: James Wright Foley
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The End of the Republican Party - Video