Oil prices drop as Libya’s output ascends a bit higher

The price of Brent crude oil settled below $ 60 per barrel on Friday which was [Photo: Pinterest]
Oil prices fell as much as 2 percent on Monday on selling triggered by a rebound in production from Libya’s largest oil field, along with worries about higher output from OPEC and the United States.

Output at Libya’s Sharara field was returning to normal after a brief disruption by armed protesters in the coastal city of Zawiya, the National Oil Corporation (NOC) said. The field has boosted Libya’s oil production, which climbed to more than 1 million bpd in late June.

Global benchmark Brent crude futures LCOc1 were down 26 cents, or 0.5 percent, at $52.16 a barrel at 2:05 p.m. EDT (1805 GMT) after trading as low as $51.37 a barrel

U.S. crude futures CLc1 were down 34 cents, or 0.7 percent, at $49.24 per barrel, after seeing a low of $48.54 a barrel.

Both contracts stood below levels hit last week, which marked their highest since late May.

Doubts have emerged about the effectiveness of output cuts by the Organization of the Petroleum Exporting Countries and other big producers including Russia. OPEC output hit a 2017 high in July and its exports hit a record.

(Source: Reuters)

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