The ongoing restoration of supplies in Libya prompted Brent crude oil futures to draw down on Monday after the energy commodity achieved its biggest gain in about 90 days late last week, according to Bloomberg.
After having surged 2.2 percent on Friday, the energy commodity fell as much as 0.6 percent during early trading as the week began. As a member of the Organization of the Petroleum Exporting Countries, Libya boosted generation. Saudi Arabia enhanced production by 9.916 million barrels per day.
"With the partial recovery of Libyan supplies, the spare capacity of OPEC will be increasing and that scenario is not too far off," analyst Andy Sommer with Axpo Trading AG in Dietikon, Switzerland told Bloomberg on Monday.
At 9:40 a.m. on Monday, West Texas Intermediate crude oil futures edged up 0.06 percent, a 6-cent climb to $99.94 per barrel. At 9:41 a.m., Brent crude oil futures slumped 0.26 percent, a 29-cent loss to $109.28 per barrel.
Reuters reports the energy commodity is likely to be impacted by the spoken word of chair Janet Yellen of the U.S. Federal Reserve, who this week is slated to testify on Capitol Hill.
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