Crude Oil Prices Drop 1%

Oil prices retreated around 1% this morning as most traders and investors predict Libya's oil production to eventually resume to previous levels.

Now, oil trades at $58.21, which is a loss of $0.43 or 0.73% from the previous close of $58.64. The daily range is from $58.06 to $58.83, while the trading volume is 38.316K.

Two major oilfields in southwest Libya began closing down after a pipeline was closed off, according to the country's National Oil Corp (NOC) said.

The NOC reported that force majeure, which is a waiver on contractual obligations on oil supplies from El Sharara and El Feel oilfields in Libya's southwest.

In case Libyan exports are halted for any sustained period, storage tanks will fill within days and production will slow to 72,000 barrels per day (bpd).Moreover, anti-government protests in Iraq, another oil exporter, also added some fuel to oil prices.