Crude oil prices fall further as Libyan oilfield resumes production

Crude oil prices fall further as Libyan oilfield resumes production

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

Credits:- Economictimes

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