CRUDE OIL: - CONSOLIDATE STRATEGY BUY ON DIPS R2-6240 R1-6180 S1-6050 S2-5980
Crude oil prices dropped after a Libyan oilfield restarted and supply worries faded, prompting traders to reduce long positions.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 2.4 million barrels.
Libya has restarted the 340,000-barrel-per-day (bpd) El Sharara field after protesters ended a four-month strike, which could double the output.
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