Crude Oil Prices Settle 5% Lower as Libya Resumes Exports, OPEC Output Jumps

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Investing.com – WTI crude oil prices settled sharply lower Wednesday, shrugging off a larger-than-expected draw in U.S. crude stockpiles as raising OPEC output, and the reopening of terminals in Libya dented investor expectations for a global supply shortage.

On the New York Mercantile Exchange for July delivery fell 5% to settle at $70.38 a barrel, while on London’s Intercontinental Exchange, fell 6.7% to trade at $73.56 a barrel.

Inventories of U.S. crude fell by 12.633 million barrels

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