U.S. crude oil futures dipped closer to $103 in early Tuesday trade, falling for a eighth session in a row, as Libyan oil exports were primed to ramp up, but major moves were kept in check before the release of U.S. petroleum stockpiles data due out later in the day.
U.S. crude futures for August delivery fell 11 cents to $103.42 a barrel by 0000 GMT, after finishing 53 cents lower on Monday.
Libya’s oil output is currently 326,000 barrels a day, a spokesman for National Oil Corp (NOC) said on Monday, adding that the western El Sharara oilfield was still blocked by a protest at a connecting pipeline.
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