Contracts associated with Texas Intermediate crude, the main class of US crude oil, fell 3.2%, to $ 38.56 a barrel in New York. On the other hand, the return of Libyan oil to world markets adds pressure on prices. Since then, Libyan production has increased rapidly. “All Libyan oil export facilities are now open, and oil fields are increasing production,” said Helge Andre Martinsen, chief analyst at DNB Markets. This refers to a phenomenon that traders call Contango or carryover, which means that an oversupply is pressuring the price of crude oil due for delivery in the next few months.

Source: Libya Today October 28, 2020 11:17 UTC