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Oil Drops Further With Libyan Output Set to Rise in Coming Weeks

  • Libyan production to surpass 1 million b/d in four weeks: NOC
  • Uncertainty persists over a U.S. stimulus deal before election
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Oil retreated as a further increase in Libyan output threatens to return more supply to a market that’s already grappling with a pandemic-induced slump in demand.

Crude futures fell 1.9% in New York on Friday and posted their first weekly decline in three. Libya lifted force majeure on its Ras Lanuf and Es Sider ports and oil output will surpass 1 million barrels a day in four weeks, according to the state-run National Oil Corp. The announcement came as prospects for more Libyan output increased following the signing of a permanent cease-fire agreement.