Oil prices declined sharply in Asian trading session, as the US productivity has improved after a long period of conservation and also due to surging US crude stockpiles.
According to the U.S. Department of Energy, U.S. oil reserves have increased 4.1 million barrels , adding 28 million to the total number of barrels in the country since mid- September, while reserves are appreciated by 2.2 million barrels last week.
On the European side, black gold supplies have been affected by the political situation in Libya. The Libyan National Oil Company (LNOC) announced that the Libyan protestors have closed the port of Al-Hariga this summer.
We expect a recovery of crude oil in the coming weeks, especially with the interest of investors turned to the refineries in the Gulf of Mexico. And we expect a bright end of the season.