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.