Oil Prices Slip On a Strong Dollar and Surplus Supply

A strong dollar on Friday made the oil prices to slip encouraging investors to cash in on gains for the second week. The market was more focused on how unplanned supply outages due to wildfires in Canada and disruptions in supply in Nigeria, Libya and Venezuela can reduce a persistent global surplus. The political turmoil and militant activities in Nigeria cut oil exports to below 1.4 million barrel per day (bpd), the lowest in more than 22 years. Oil supply from Libya was also hit by internal conflicts. However, in Canada wildfires forced closures of around 1 million bpd, although it is gradually returning to normal output.

Read Full News At: http://www.researz.com/oil-prices-slip-strong-dollar-surplus-supply


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