ZOID RESEARCH 10-JULY-2014 : CRUDE OIL

Faltering demand for gasoline in the US, resumption of Libya’s crude output and exports and ease of geo-political tensions have been the prime factors behind recent fall in oil prices (both Brent and WTI). Libya has restarted the 340,000-barrel-per-day (bpd) El Sharara field after protesters ended a four-month strike, which could double the country's current crude output. The U.S. benchmark has fallen in nine straight sessions, its longest such streak since December 2009. As speculators dumped Brent, its premium over U.S. crude touched its narrowest point in almost a month at $5.15, and then widened to settle at $5.85.

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