U.S. crude futures dropped on Monday as key producer Libya resumed oil exports from the eastern port of Zueitina after an almost year-long halt, adding to a global glut that has weighed on prices since June.
U.S. crude for April delivery was down 52 cents at $50.29 a barrel by 2338 GMT. The March contract, which expired on Friday, fell nearly 5 percent last week.
U.S. crude has lost more than 50 percent since June when it traded near $108, pressured by excess supply. U.S. crude oil inventories hit a fresh record high in the week to Feb. 13.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.