Libya’s Sharara oil field has returned to work following a brief shutdown caused by an attack by armed forces, Reuters reported on Tuesday, citing sources familiar with the matter.
Market reaction
Crude oil’s reaction to this headline was largely muted. Earlier in the day, the barrel of West Texas Intermediate (WTI) dropped to a session low of $37.06 before staging a rebound. As of writing, the WTI was trading at $37.90, down 0.8% on a daily basis. Meanwhile, the barrel of Brent was losing 1% on the day at $40.35.
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