The Libyan Investment Authority recently sued Goldman over some 2008-vintage derivatives trades gone wrong. I wrote about it last week but didn't yet have Libya's complaint. That came out today -- here is the complaint, or in British the "Particulars of Claim" -- and it's fun reading
Crude oil futures are struggling to stay in positive territory after mixed API and EIA inventory reports. With crude oil builds likely to come across the month of January, the market is once again discounting most of the API draw in crude oil.
Oil is getting a yearend squeeze as inventories fall and geopolitical risks seem to be rising. War in South Sudan, a terror attack in Russia and labor trouble in Libya are giving the bulls a little ride.
Brent crude went crazy as Libyan oil exports were not to be, and today oil prepares for the Fed meeting. The EIA says that in 2016, crude oil production is expected to be close to the historical high of 9.6 million barrels per day, a record set in 1970.
A showdown in Libya is spiking oil as rebels refuse to allow the government to ship oil from three different ports. The government last week said that oil would be shipped even if they had to use force.