LCrude had its biggest weekly decline in six months as Libya prepared to resume exports from two terminals and Iraq’s crude production remained unaffected by violence.
LCrude futures fell by 0.3 % on Friday. Libya will start shipping crude at full capacity after taking back control of the ports from rebels, according to National Oil Corp. Fighting in Iraq hasn’t spread to the south, home to more than three-quarters of its output. Hurricane Arthur, the first to make landfall on the U.S. since 2012, weakened as it pulled away from North Carolina.
Expecting downward move to 101,57 on a break of below daily support at 103,52 (scenario 1) or on a pullback to 104,53 (scenario 2).
LCrude is a CFD written over Light Crude futures.