Oil Prices were down on Wednesday slipping further away from the two and a half year highs that was hit in the previous session. There was a gradual resumption of flows through a major North Sea Pipeline that made up for supply disruption Libya.
U.S. West Texas Intermediate crude futures were found trading at $59.73 per barrel, a slip of 24 cents compares to its previous settlement. WTI broke through the $60 per barrel mark for the first time since June 2015.
Brent Crude futures were trading at $66.71 per barrel a meager decrease of 31 cents after breaking through $67 per barrel for the first time since May 2015 in the previous session.
Libya lost around 90,000 barrels per day of crude oil supplies from a blast on pipeline feeding. Both Forties and Libyan outages, which together amount to around 500,000 barrels per day.
These disruptions highlight that the markets have tightened a year into voluntary supply restraint led by top producer Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries.
OPEC and Russia started pulling back productions last January and the current schedule is to continue cutting throughout half of 2018.
A major effort that is countering the efforts to cut supply by the OPEC and Russia is the U.S. oil production, which has soared more than 16 percent and is fast approaching the 10 million barrel barrels per day mark.