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Oil prices drop on prospect of returning Libyan supplies

Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year.

The more-active September contract for Brent fell 60 cents, or 1.43%, to $41.25 a barrel by 13:49 GMT, paring Monday’s 92 cent gain. The August contract , which expires on Tuesday, fell 69 cents to $41.02.

U.S. crude was down 63 cents, or 1.59%, at $39.07 a barrel.

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Central Bank of Libya: « Foreign exchange uses during January and February amounted to 3.1 billion dollars, of which 1.6 billion dollars were for credits ».

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Bey says the dual exchange rate is a legitimate theft

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