Brent crude slid more than $1 a barrel on Tuesday, its seventh straight decline, with U.S. oil also falling as Libyan oil exports looked likely to rise, and fears eased over a supply disruption in Iraq.
Brent has shed more than 5 percent since last month, when the Iraq crisis drove prices to a nine-month high of $115.71. Brent’s premium over U.S. crude slid below $6 for the first time since mid-June.
Libya’s 340,000 barrel per day (bpd) El Sharara oilfield has resumed operations after a four-month strike, a spokesman for state-run National Oil Corp (NOC) said. This may free more oil for export after last week’s port deal with rebels.