Oil prices dropped 5% on Tuesday to their lowest levels in nearly nine months on signs of a deal to resolve a dispute that has halted Libyan production and exports.
Brent crude futures were down $3.8, or 4.9%, to $73.71 a barrel at 1:17 p.m. EDT (1717 GMT), the lowest level since December. West Texas Intermediate crude futures, which did not settle on Monday because of the U.S. Labor Day holiday, were down $3.25, or 4.2%, at $70.3 - their lowest price since January.
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