Brent and West Texas Intermediate crude futures both slipped after the U.S. benchmark rose 2.7 percent on Tuesday, breaching $60 a barrel for the first time since June 2015. A pipeline run by Waha Oil Company that carries crude to Libya’s Es Sider terminal exploded Tuesday, reducing output by 70,000-100,000 barrels a day. The repair work will take about a week, according to people familiar with the situation. Meanwhile, Saudi Arabia is said to expect oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade. “The market is having a counter-reaction to the jump yesterday,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “It remains supported by the news out of Libya but at the same time liquidity is very poor.” Click Read More below for additional information.

A leading, nationwide trucking company told the U.S. Senate Judiciary Committee today that cargo theft is a crisis impacting the entire supply chain that requires immediate action from Congress. Donna Lemm, chief strategy officer for IMC Logistics, testified on behalf of the American Trucking Associations in support of the Combatting Organized Retail Crime Act, which would establish a coordinated multi-agency response and equip law enforcement with new resources to address a surge of cargo theft incidents happening across the country. “Rising cargo theft is affecting the trucking industry across the United States.  We cannot stay silent,” said Lemm.