WTI prices are building on last week’s gains, and they appear headed above $100. The renewed surge comes on the back of extensive oil output issues in several OPEC countries. Specifically, Libya’s output fell below 1 million bpd, Nigeria has had sporadic issues, and several other African producers have experienced difficulties. All of this has added up to about 2 million bpd off of the market, especially when one figures in the embargoed Iranian barrels.
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