Crude oil prices fell by 1% on Tuesday after a continuous showdown of two major oilfields in Libya.
The prices fell to $64.58 per barrel after rising to its highest in more than a week on Monday.
The United States(U.S) west texas Intermediate crude also fell by 0.7% standing at $58.12 per barrel as investors expected Libya’s oil production to eventually resume.
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oil prices had on Monday Jumped to $65 per barrel after two major oilfields in southwest Libya began shutting down on Sunday after a pipeline close-off that reduced national output.
According to Reuters, National Oil Corp (NOC) spokesman noted that If Libyan exports are halted for any sustained period as a result of the shutdown storage tanks will be filled within days and production will slow to 72,000 barrels per day (bpd),