Oil falls again as amply global supply seen offsetting Libyan outage

Oil falls again as amply global supply seen offsetting Libyan outage
  • Clock-gray 07:07
  • calendar-gray 22 January 2020

Oil prices edged lower on Wednesday, extending the previous session’s drops, as investors continue to shrug aside the impact of almost all of Libya’s crude production being off-line amid plentiful supplies elsewhere, APA reports quoting Reuters. 

Brent crude LCOc1 was down 13 cents, or 0.2%, at $64.46 a barrel at 0119 GMT, after dropping 0.3% on Tuesday. U.S. oil CLc1 fell 16 cents, or 0.3%, to $58.22 a barrel, having declined 0.3% the day before. 

Libya’s National Oil Corporation on Monday declared force majeure on the loading of oil from two major oil fields after the latest development in a long-running military conflict saw forces loyal to commander Khalifa Haftar ordering the shutdown of facilities in the east and south of the country.

apa-logo-mini

Other news