Oil falls as Libya plans to resume exports; still set for weekly rise | Reuters

Oil falls as Libya plans to resume exports; still set for weekly rise | Reuters:

Oil prices fell on Friday after a Libyan commander said a blockade on the country’s oil exports would be lifted for a month, while a declining U.S. equities market also weighed on futures.

till, both the U.S. and Brent crude benchmarks were set for weekly gains after Saudi Arabia pressed allies to stick to production quotas, Hurricane Sally cut U.S. production, and banks including Goldman Sachs predicted a supply deficit.

Brent LCOc1 fell 55 cents to $42.75 a barrel by 1:48 p.m. EDT (1748 GMT), but was set to rise 7.4% for the week, while U.S. oil futures CLc1 fell 29 cents to $40.68, on track for a 9% weekly gain.

Prices fell on Friday after eastern Libyan commander Khalifa Haftar announced he would lift his blockade of oil output for one month. The blockade slashed Libyan production to just over 100,000 barrels per day now from around 1.2 million bpd previously.