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Oil Drops With Broader Market Selloff and Signs of Libya Restart

  • Libya’s state energy company plans to resume crude exports
  • U.S. and European equities drop, with S&P 500 at 2-month low
Oil Deliveries On The River Rhine
Photographer: Alex Kraus/Bloomberg
Updated on

Oil declined the most in almost two weeks as U.S. equities slid on mounting worries over prolonged coronavirus restrictions, while the prospect of Libya resuming exports added to supply concerns.

Crude futures in New York fell 4.4%. At the same time, the S&P 500 slumped to the lowest intraday level since July. Libya is moving closer to reopening its battered oil industry after it told companies to resume production at some fields that are free of foreign mercenaries and fighters. This will add to already rising supply from OPEC+ nations.