Oil prices are lower this morning, as the outlook for US economic growth seems to deteriorate by the day, ahead of tomorrow’s initial statement of Q2 GDP. Consensus is for a growth rate of only 1%, and a miss has obvious implications. In addition, the revisions to prior are likely to be lower, having several quarters flirting with near-zero growth or worse. Prices have been supported by the litany of oil output issues among several key producers. In addition to the strike at two of Libya’s main port facilities, Es Sider and Ras Lanuf, workers at the large Ras Lanuf refinery have struck, as well.
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