Oil prices fell on Thursday after news that two key oilfields in Libya had restarted, pumping crude for export into an already bloated market.
Benchmark Brent crude LCOc1 fell $1.22 a barrel to a low of $50.60 before recovering slightly to around $50.80 by 1330 GMT. The contract has fallen more than 10 percent from this month’s peak.
U.S. light crude oil CLc1 hit a low of $48.51, down $1.11 a barrel on the day.
Libya’s Sharara oilfield, with a production capacity of almost 300,000 barrels per day (bpd), has restarted after the end of protests that had blocked pipelines there, a Libyan oil source and local official said on Thursday.
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