Oil ends at 1-week low as Libya and Norway output look to rise, Gulf of Mexico starts post-hurricane recovery

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Oil futures on Monday marked their lowest settlement in a week with crude production poised to recover in Libya, Norway and the Gulf of Mexico. “Supply woes have eased,” said David Madden, market analyst at CMC Markets UK. “Production in the Gulf of Mexico has begun again in the wake of the hurricane. Oil workers in Norway have returned to work as the strike dispute was settled at the back end of last week” and “output in Libya is set to rise by over 350,000 barrels per day as production at the Sharara oilfield resumed.” November West Texas Intermediate crude fell $1.17, or 2.9%, to settle at $39.43 a barrel on the New York Mercantile Exchange.
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