US time crude oil futures fell about 3%. The force majeure clause was lifted in Libya’s largest oil field, followed by the end of a strike in the Norwegian offshore oil field and the recovery of rice production that had been suspended in the hurricane “Delta.”
The liquidation price is $ 41.72 a barrel, which is $ 1.13 (2.6%) lower for the North Sea Brent futures LCOc1 . US WTI crude oil futures CLc1 fell $ 1.17 (2.9%) to $ 39.43.
In Libya, the force majeure clause of the Sharara oil field will be lifted on the 11th, and the country’s oil production is expected to increase to 355,000 barrels per day.
Mizuho’s director of energy futures, Bob Yoger, said the “bad news in terms of supply” was the increase in unnecessary oil production.