Oil prices were steady Friday, under pressure from potential production increases in Libya where operations have restarted at two key oil fields. Brent crude, the global oil benchmark, edged down 0.2% to $53.91 a barrel on London’s ICE Futures exchange, having hit their highest level since July 2015 earlier this week. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.3% at $50.73 a barrel. Libya’s oil production has dropped steeply in the past five years after the ousting of Moammar Gadhafi in 2011, but in recent months it has been ramping back up. Earlier this week Libyan officials said the restarting of the oil fields and a connected pipeline could bring back more than 200,000 barrels a day of oil within days. This would diminish the impact of the recent production cuts agreed by the Organization of the Petroleum Exporting Countries, as well as […]