WTI prices are, once again, up against tough price resistance. Prices surged toward $99, early yesterday, but the gains did not hold. Prices seemed to fall on news that Libyan oil production has rebounded back above the 1 million bpd level, after recently falling below that mark. In our view, the lost Libyan output has been as essential to the rally as anything else. A lot of the recent rally has been ascribed to the recent pronouncement by President Obama
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