Libya's oil fields' kickoff plummets prices worldwide

Oil prices fell on Thursday after news that two key oilfields in Libya had restarted, pumping crude for export into an already bloated market.

Benchmark Brent crude LCOc1 fell $1.14 a barrel to a low of $50.68 before recovering slightly to trade around $50.85 by 1220 GMT. The contract has fallen more than 10 percent from this month's peak.

U.S. light crude oil CLc1 hit a low of $48.51, down $1.11 a barrel on the day.

Libya's Sharara oilfield, with a production capacity of almost 300,000 barrels per day (bpd), has restarted after the end of protests by an armed group that had blocked pipelines there, a Libyan oil source and local official said on Thursday.

More at Reuters.

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