Oil prices fall further as Libyan field resumes production

9 Aug 2017   Libya

Oil prices slipped further in Asian trading on Tuesday following a recovery in output at Libya’s largest oil field and as doubts about OPEC-led production cuts continue to weigh on the market. Global benchmark Brent crude futures were down 23 cents, or 0.4 percent, at $52.14 a barrel at 0244 GMT after dipping 0.1 percent in the previous session. U.S. crude futures were down 18 cents, or 0.4 percent, at $49.21 a barrel, having fallen 0.4 percent on Monday. Production from Libya’s 270,000 barrels-per-day (bpd) Sharara field was returning to normal after a brief disruption when armed protesters broke into a control room in the coastal city of Zawiya, the National Oil Corporation (NOC) said on Monday. Libya was exempted from a push to cut global production and bolster oil prices led by the Organization of the Petroleum Exporting Countries (OPEC) and other big producers like […]

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