Oil depreciates amid the start of recovery in Libya

Oil depreciates amid the start of recovery in Libya

Oil depreciates amid the start of recovery in Libya

Benchmark oil prices dropped markedly during trading on Monday following the announcement of the resumption of production in eastern Libya.

Libyan National Oil Corp. reported the resumption of production in the east of the country after the commander of the Libyan National Army (LNA) Khalif Haftar announced the lifting of an eight-month blockade of oil fields and ports as a result of reaching an agreement with the government in Tripoli, Dow Jones reported.

Oil production in Libya after the blockade fell to 100 thousand barrels per day from 1.3 million b / d.

The cost of November futures for Brent oil on the London ICE Futures exchange by 14:14 Moscow time on Monday is $ 42.38 per barrel, which is $ 0.77 (1.78%) below the price at the close of the previous session.

The price of futures for WTI crude oil for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time decreased by $ 0.8 (1.95%) – to $ 40.31 per barrel.

Investors also continue to monitor the global spread of the coronavirus. In total, according to Worldometer, 31.22 million infected have been recorded since the beginning of the pandemic.

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