U.S. oil tumbled on Wednesday, as an increase in Libyan production sparked fresh concerns over a global supply glut despite the extension of OPEC-let output cuts.
U.S. crude futures for July delivery were down 1.93% at $48/69 a barrel, the lowest since May 26.
On the ICE Futures Exchange in London, the July Brent contract lost 2.03% to $51.16 a barrel.
Crude prices tumbled after Libya’s National Oil Corporation said on Monday that oil production is expected to rise to 800,000 barrels per day (bpd) this week.
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