Oil prices dropped 5% on Tuesday after reports that a deal is about to be reached to resolve a dispute that has halted Libya’s production and exports, pushing prices near their lowest levels since the start of the year.
The news of more crude supply came as prices had already fallen amid expectations of weaker demand due to slowing economic growth in China, the world’s biggest importer of crude.
Brent crude futures fell more than 5% to $73.69 a barrel by 1830 GMT, their lowest since December.
US West Texas Intermediate (WTI) crude, which was not settled on Monday due to the US Labor Day holiday, lost $3.27, or 4.45%, to $70.27 a barrel, its lowest since January.
Latest Oil Prices
WTI Crude $70.02
Brent Crude $73.45
Murban Crude $73.58
Natural Gas $2.197
Gasoline $1.972
WTI Midland $71.48
Mars $78.09
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