Futures Movers: Oil prices fall; market braces for Nigeria, Libya oil

Oil prices were lower in Asia trade on Friday as traders brace for an increase in oil exports from Libya and Nigeria, and the increase in U.S oil product inventories weighs on prices.

On the New York Mercantile Exchange, light, sweet crude futures CLV6, -0.77% traded at $43.61 a barrel, down 30, or 0.7%, in the Globex electronic session. Brent crude LCOX6, -0.77% on London’s ICE Futures exchange fell 33 cents, or 0.7%, to $46.26 a barrel.

Nigeria and Libya are both preparing to ramp up their oil exports, which may weigh on oil prices.

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