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Oil Edges Lower as Libya Restarts Production From Largest Field
Oil edged lower as OPEC member Libya restarted production from its largest field, bolstering global supplies and outweighing concerns about tensions in the Red Sea that look set to continue disrupting shipping. Global benchmark Brent dropped toward $78 a barrel, after a week of range-bound trading, while West Texas Intermediate was little changed above $73. Libya’s National Oil Corp. said flows from Sharara — which previously pumped about 270,000 barrels a day — will resume after a three-week stoppage. Elsewhere in the Middle East, traders are expecting prolonged disruption to shipping in the Red Sea and Suez ... (full story)