Crude oil prices fell a touch overnight and here's why - ANZ

Analysts at ANZ explained that crude oil prices fell a touch as concerns over rising output weighed on the sector. 

Key Quotes:

"Another strong jump in the rig count in the US saw WTI prices fall over 1%.

Baker Hughes data showed US drillers added another 14 rigs to bring the total to 631 currently operating.

Elsewhere, reports that Libya was about to reopen ports closed by military clashes also kept downward pressure on prices: Es Sider and Ras Lanuf are two of the country’s largest oil ports. Libya’s total production rose to 646kb/d from 621kb/d on Sunday due to rising output from Waha Oil Co. However, it needs the ports to reopen to get it to the market." 

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