After a modest rally yesterday, crude is giving back some of those gains in early trading today. Crude is currently trading at $56.05, a loss of 16 cents.
Fuel prices are flat. Diesel is trading at $1.8421, up 0.9 cents. Gasoline is trading at $1.6658, a gain of 0.1 cents.
Crude was up 2% yesterday after news of a drone attack by Yemen’s Houthi rebels over the weekend. Equities rallied yesterday as well and helped to pull crude up. Oil is lower this morning on relatively little news of developments impacting price.
In OPEC+ news, Libya’s Sharara oil field is expected to pump 225 kbpd in September. The output at this field has been volatile in recent months as Libya struggles with internal conflict with armed militias taking control of the field at times.