U.S. oil futures drop over 4% as market braces for return of Libyan output

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Oil futures settled lower Monday, with U.S. prices down by more than 4%, as the market braced for the return of crude output from Libya following reports that Libyan military commander Khalifa Haftar will lift an eight-month blockage of crude exports that had shut nearly all of the country’s production. Concerns over the possibility of more COVID-19 shutdowns and weaker energy demand also weighed on prices. October West Texas Intermediate oil fell $1.80, or 4.4%, to settle at $39.31 a barrel on the New York Mercantile Exchange.
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