West TX Oil Drops Below $50 as Libya Resumes Oil Exports

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.

CNBC

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