S&P Global Platts reported that crude oil futures lost ground in the morning European trading session September 14, amid the prospect of exports from Libya and demand shuttering in the US.
At 10:36 GMT, ICE Brent November crude futures were down 25 cents from Sept. 11’s settle at $39.58/b, while the NYMEX October light sweet crude contract was 23 cents lower at $37.10.
The Libyan National Army, the military group that imposed an eight-month oil blockade on the OPEC producer, has promised to reopen the country’s energy shipments following talks with other Libyan groups, the US embassy in Tripoli said in a statement September 12.
The announcement comes ahead of a meeting on Sept. 17 of the OPEC and non-OPEC Joint Ministerial Monitoring Committee led by Saudi Arabia and Russia.