Brent crude futures fell by $1.65 to $75.87 a barrel by 1004 GMT, while West Texas Intermediate crude futures were down $1.06 at $72.49
Brent oil prices declined 2 per cent on Tuesday as sluggish economic growth in China, the world’s biggest crude importer, increased demand concerns that overshadowed the impact of halted production and exports from Libya.West Texas Intermediate crude futures, which did not settle on Monday because of the U.S. Labour Day holiday, were down $1.06, or 1.4 per cent, at $72.49.
“The Libya and Middle East stories are keeping a floor below prices, leaving the door open to a further recovery in the foreseeable future.” In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue.
Some supply is set to return to the market as eight members of OPEC and affiliates, together known as OPEC+, are scheduled to boost output by 180,000 bpd in October. The plan is likely to go ahead regardless of demand worries, industry sources said.
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