Citing a source with direct knowledge of the matter, Reuters reported that Libya’s National Oil Corp declared force majeure on Sharara crude oil loadings on Wednesday.
“The field began shutting down late on Tuesday after a valve on the pipeline linking it to the Zawiya oil terminal was shut,” Reuters further reported.
This development seems to be supporting crude oil prices and allowing the barrel of West Texas Intermediate to pull away from daily lows and turn positive on the day near $58.50.
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