Oil prices extended losses on Thursday after news that two key oilfields in Libya had restarted, pumping crude for export into an already bloated market.
Libya's Sharara oilfield, with a production capacity of almost 300,000 barrels per day (bpd), has restarted after the end of protests that had blocked pipelines there, according to a Libyan oil source and local official. The same source said El Feel oilfield, with a capacity of about 90,000 bpd, had also restarted.
According to the OPEC Secretary, General Mohammad Barkindo, a global oil overhang was declining. He added that stocks remained high and needed to fall further.
OPEC is discussing extending its cuts into the second half of the year, but the group has a hard task. Oil inventories are near record levels in many parts of the world.