Oil trades flat in Asia, markets eye Libya exports

Oil prices at both the sides of the Atlantic trade flat in Asia following Wednesday’s sell-off on prospects of increased supplies from Libya.

At the time of writing, Brent was trading flat around $46.00/barrel, while WTI was trading flat around $43.64/barrel.

Prices fell sharply yesterday after Libya’s state oil company said it would double production within four weeks after rebels handed it control of the vital Oil Crescent ports.

The news out of Libya overshadowed the US DOE data, which showed commercial crude inventories fell about 600,000 barrels in the week to September 9. The report also showed gasoline and distillate stocks rose sharply.