Created with Snap
  • Latest Issue
  • Trending
  • Press
  • Videos
  • Events

Oil Price Drops As Oilfields Restart

Two Libyan oilfields restart pumping crude oiL

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.

For the full article, click here

Share this article with your friends
KINDLY EDITED BY
Paul Edwards
Editor for HSME
Digital Market Apprentice at Bay Publishing, curating what gets published across all of our digital products. If you spot a mistake or would like to read more about a certain topic on any of our magazine websites let me know using the contact button above.