Oil prices recover losses as Libya’s NOC declares force majeure on exports

December 11, 2018 (MLN): Oil prices on Tuesday redeemed some of its losses from the previous day as Libya's National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.

In spite of that, overall sentiment on oil prices remained weak amidst worries over global stock markets and uncertainties as to whether the planned supply cuts led by OPEC will be enough to regulate oversupply.

International Brent crude oil futures were at $60.30 per barrel at 0206 GMT, up 33 cents, or 0.6 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $51.19 per barrel, up 19 cents, or 0.4 percent, from their last settlement.

Posted on: 2018-12-11T10:28:00+05:00