Commodities
Oil Plunges as Rising Supplies, Tepid Demand Intensify Gloom
- Libyan central banker sees deal that will restore oil flows
- Brent crude futures dip below $75 a barrel, erasing 2024 gains
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Oil plummeted — erasing its gains for the year — after a prospective deal to restore supplies from Libya turned traders’ attention back to concerns about tepid global demand for crude.
Global benchmark Brent dropped 4.9% to settle below $74 a barrel after earlier touching the lowest intraday price since mid-December 2023. The plunge came after a Libyan central banker said a deal that would revive the OPEC nation’s output appears imminent.