Production pressures may push oil prices lower to start Friday

NEW YORK, May 20 (UPI) -- Crude oil prices opened relatively flat on Friday on reports of oil-related developments in Libya and higher-than-expected production from offshore Norway.

Crude oil prices have recovered more than 80 percent since dipping below the $30 mark in January. Prices in early 2016 were influenced by talks of a production freeze for Russia and some members of the Organization of Petroleum Countries, though that deal collapsed after Iran said it was determined to regain a market position lost to sanctions. Recent rallies were triggered by production concerns in Canada and Nigeria, as well as sentiment that balance between supply and demand had returned to the market.

http://www.upi.com/Business_News/Energy-Industry/2016/05/20/Production-pressures-may-push-oil-prices-lower-to-start-Friday/7621463751296/?nll=1