Oil prices fall shortly after Libyan output recovers

Oil Prices Fall as Libyan Production Recovery Weighs

Oil crude prices were slightly lower after a volatile session on Thursday, as the restart of two key Libyan oilfields and concerns about lackluster gasoline demand fed concern over whether major oil producers can alleviate the glut of global inventories, Reuters said.

Libya’s Sharara and El Feel oilfields, which can produce nearly 400,000 barrels per day (bpd), returned to production after protests blocking pipelines ended, Reuters added.

U.S. gasoline futures led the energy complex lower in choppy trading, at one point hitting its lowest level seasonally in eight years after data on Wednesday showed inventories rose by the most in nearly three months, according to Reuters.

Brent crude LCOc1 settled down 14 cents a barrel at $51.68. U.S. light crude CLc1 was down 37 cents to $49.25 a barrel, Reuters indicated.

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