I'm sure I'm missing something, but every headline I'm reading (I often don't read the story) says that the price of oil plummeted yesterday -- as much as 5% in some cases -- because production was coming back on line in Libya.
So, here's the screenshot from Platts twitter feed regarding Libya:
Give me a break. So, analysts are telling me that WTI fell 5% yesterday because Libya production was coming back on line. And this is just production; it still has to get to the port and shipped. Give me a break. Less than a 100,000 bopd. Is that right? The global oil market is around 100 million bopd. The Libyan export number is a rounding error. North Dakota alone, out of three or four counties, produces 10x that amount, and virtually all of North Dakota's production is exported out of state. I think the price of oil is driven by "talk" in many, many cases.
WTI is now below $70/bbl -- at least it was earlier this morning. Haven't checked recently.