Oil began to fall in price in anticipation of the resumption of production in Libya

Oil began to fall in price in anticipation of the resumption of production in Libya

Oil began to fall in price in anticipation of the resumption of production in Libya

LONDON (Reuters) – Oil prices jumped from gains to losses on Friday after Libyan National Army commander Khalifa Haftar said his forces had decided to resume oil production after a blockade that lasted since January.

At the same time, Libya's state oil company National Oil Corporation announced that it would not announce the abolition of force majeure until the oil facilities are demilitarized.

Before the blockade, Libya produced about 1.2 million barrels of oil per day.

Futures for Brent crude oil fell 0.88% to $ 42.92 per barrel by 15:07 Moscow time, for WTI – dropped 0.81% to $ 40.64 per barrel.

Both brands continue to gain growth since the start of the week thanks to hurricane-driven US production cuts, calls from Saudi Arabia to adhere to production quotas and expectations of fuel shortages by major banks, including Goldman Sachs.

(Shadia Nasrallah. Translated by Vladimir Sadykov. Editor Marina Bobrova)

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