TOKYO: Oil prices slipped further in Asian trading on Tuesday following a recovery in output at Libya’s largest oil field and amid ongoing doubts about OPEC-led production cuts.
Global benchmark Brentcrude futures were down 18 cents, or 0.3 percent, at $52.19 a barrel by 0038 GMT after dipping 0.1 percent in the previous session.
U.S. crude futures were down 13 cents, or 0.3 percent, at $49.26 a barrel, having fallen 0.4 percent on Monday.
Production from Libya’s 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.
The field has been producing about 270,000 barrels a day (bpd), accounting for about a quarter of the country’s output, which climbed to more than 1 million bpd in late June from just over 200,000 bpd a year ago. Read more
Latest posts by ET Energy World (see all)
- Alfanar Group plans to bid in India’s renewable energy auctions - June 21, 2018
- India’s utility solar capacity grew 72 per cent in 2017-18: Report - June 21, 2018
- AIIB ready to pump in $1.9 billion more into various Indian projects - June 21, 2018