Oil prices fell nearly 1% today as investors expected Libya’s oil production to eventually resume following a force majeure declared by the oil exporter on two major oilfields amid a military blockade.
Brent crude LCOc1 was down 56 cents, or nearly 0.9%, at $64.64 per barrel by 07:48 GMT, after rising to its highest in more than a week yesterday.
West Texas Intermediate crude CLc1 was down 35 cents, or 0.6%, at $58.19 a barrel.
“The situation in Libya provided oil prices an early boost but the rally fizzled out as expectations remain that Libya’s oil production will eventually return to normal levels,” Edward Moya, a market analyst with OANDA announced.