Futures Movers: Oil trades near 2-week low as output from Libya and Nigeria grows

Oil wavered Monday, with growing output from OPEC members Libya and Nigeria, who are exempt from the cartel’s production-cut agreement, keeping prices near their lowest levels in two weeks.

Late last week, oil reversed much of the gains seen during the two-week rally from late June, as global oil output remained robust though demand was flat, leaving inventories near historic highs. Friday’s near 3% decline also came as the dollar surged after better-than-expected U.S. nonfarm payrolls data.

On the New York Mercantile Exchange, August West Texas Intermediate crude CLQ7, +0.57% was up 3 cents, or less than 0.1%, to $44.26 a barrel, after tapping a low of $43.65.

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