Mubasher: Oil prices fell on Tuesday as Libya resumed production following a less-than-a-week halt from its second largest oilfield.
By 07:50am GMT, Nymex futures fell below $50 per barrel (pb) to $49.96, losing 0.58%, while Brent crude shed 0.32% to $52.81 pb.
Prices had received a boost last week after the US reported lower stockpiles and on news reports that Libya’s production stopped. However, on Monday, Libya reported that it resumed production.
The American Petroleum Institute (API) is set to announce preliminary data on US oil reserves for the week ended Friday, 31 March.
Oil data is reported with a one-week delay.
