Oil prices are down 0.7%
Oil prices are down 0.7% in both NYMEX and Brent benchmark markets, although off the day's lows. A firmer dollar and news that both Libyan and Iranian production of crude is increasing have tugged prices lower today. Both Iran and Libya are members of Opec, but both are exempt from the output freeze agreed last week, the former being allowed to produce "maximum levels that make sense" (as quoted by Reuters). Reuters has quoted as an unnamed source saying that Iran likely sold 2.8 million barrels per day of crude and condensate in September. Libya production, meanwhile, has been ramping higher followed the liberation of blockaded oil terminals last month. There is also a narrative in markets that fracking operations in the U.S. will gear-up following recent price gains. Brent crude is presently trading at $50.55, above the $50.34 low, down 0.7% on the day, but still up by just over 8% on the week-on-week comparison.