Crude oil prices continue to trade at or near multi-month highs as clashes in Libya continue, adding to concerns that oil production from the OPEC member may be cut back sharply. The ongoing assault on the capital Libya has yet to weigh on current oil production of round 1.1 million barrels per day but this could change quickly, impacting the price of crude. Sanctions against Venezuela continue to bite with the country reporting a sharp slowdown in production. According to the IEA the country’s production was down 600,000 barrels a day compared to a year ago, while OPEC reported that Venezuela’s monthly production ... (full story)