Commodities
Oil Drops on Signs Libya Supply Disruptions Potentially Easing
- UN-led talks on Libya central bank crisis yield ‘compromise’
- WTI settles below $70 a barrel in New York; Brent also dips
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Oil plunged as Libyan factions reached a “compromise” on appointing new leadership for the OPEC member’s central bank, an initial step that could help eventually return some of the country’s recently shuttered oil production.
West Texas Intermediate slipped more than 2% to settle below $70 a barrel, with Brent crude falling to settle around $73 a barrel. Prices hit new lows for the day after a UN mission to Libya said representatives from the country’s rival eastern and western administrations reached an agreement on procedures for appointing officials for the bank.