WTI Breaks Below $70 as Concerns Over Oil Demand Persist

Crude oil prices extended a decline that began earlier this week today as pessimism about demand, especially from China, deepened while expectations arose that Libya could resume its oil exports. West Texas Intermediate had dipped below $70 per barrel earlier today, with Brent crude sliding below $74 per barrel, after Libya’s rival governments reached a deal to appoint a governor to Libya’s central bank, which would resolve the dispute that prompted the shutdown of oil fields and export terminals last month. The shutdowns had decimated…