Oil falls again as amply global supply seen offsetting Libyan outage

Oil falls again as amply global supply seen offsetting Libyan outage
# 22 January 2020 07:07 (UTC +04:00)

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.

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THE OPERATION IS BEING PERFORMED