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Libya's Sharara Oilfield Reopens after Two-Day Shutdown

Oil

Libya's Sharara Oilfield, the nation's biggest, reopened on Wednesday, after declaring force majeure two days ago due to an attack by an armed group, Brigade 30, which shut off production of more than 230,000 b/d, Reuters reports. The Libyan National Oil Corporation did not state how the dispute with Brigade 30 was resolved. Operations at Sharara have been repeatedly disrupted this year due to blockades, protests and various security issues.

The restart of production at Sharara added pressure on oil prices on Wednesday, which slipped amid rising concerns that the recent third quarter rally had been overdone. WTI futures were priced at $50.40 per barrel at 1315 GMT, down 2% from their last closure, after falling lower than $50 per barrel earlier in the morning. Brent futures dropped 4 cents at $55.96 a barrel.