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Oil Prices Drop Amidst Fear of Libya’s Supply

Oil prices dropped on Tuesday, amid concerns over a second wave of coronavirus following easing coronavirus-led lockdown restrictions in more countries.

On the supply side, market participants are watching to see whether Libya, which can produce about 1% of global oil supply, is able to resume exports.

Reuters reported that Libya’s National Oil Corporation is in talks with Tripoli, the US, and some Middle Eastern powers, to end a blockade by eastern-based forces in the civil war, which has stopped almost all energy exports for six months. At around 05:45 AM GMT, WTI crude fell 0.7% to $39.44 a barrel, while Brent crude was down 0.5% to $41.52 a barrel.

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