Oil futures retreated Monday, giving back some of last week’s gains as Libya’s largest oil field resumed production and traders continued to eye the commitment of major oil producers to an agreement to limit production. June Brent crude LCOM7, -0.82% the global benchmark, fell 41 cents, or 0.8%, to settle at $53.12 a barrel on London’s ICE Futures exchange. Libya pushed production back toward 700,000 barrels a day over the weekend as its Sharara oil field came back online, according to reports. But “stubbornly high global oil and fuel inventories” and an 11th consecutive rise in the Baker Hughes U.S. weekly oil rig count on Friday “appeared to have derailed, albeit temporarily” the recent rally. May natural gas NGK17, -1.29% fell 6.2 cents, or 1.9%, to $3.128 per million British thermal units.

Source: Libya Today April 03, 2017 05:12 UTC