Futures contracts of crude oil fell on NYMEX due to increased production in Libya and Nigeria in July. The September delivery crude contract was down 0.2% at $49.02 a barrel. Libya’s output rose by 180,000 barrel per day on month in July, while Nigeria's was up by 30,000 bpd according to a survey by Platts.Despite OPEC's meeting on Aug 7-8, the committee's statement about "constructive atmosphere" did little to stir the markets. Market participants will eye developments in the Korean peninsula for further cues.
Source: Newswire
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