Oil market shrugs off Libya crisis - Reuters

Oil market shrugs off Libya crisis - Reuters:

Oil prices fell more on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya’s crude production to a trickle.

Brent crude LCOc1 was down 37 cents at $64.83 a barrel by 1450 GMT, having hit a session low of $64.06. U.S. West Texas Intermediate crude CLc1 was down 20 cents at $58.34, after hitting a low of $57.68 earlier in the day.

“Market participants appear to fret less about supply disruptions in the Middle East, or at least the risk of disruptions, thanks to the impressive growth we have seen in U.S. output over recent years,” Bank ING said.

Almost all of Libya’s crude export capacity is now under force majeure - a waiver on contractual obligations - after pipeline blockades in the east and west of the country hindered oil production.