Oil prices fell nearly 1 percent on Tuesday, as investors continued to see strong signs of the effectiveness of OPEC-led efforts to reduce the global supply gap, but production increases in some of the world’s biggest producers have receded, limiting crude losses.
Libya’s crude output was 1.03 million bpd, unchanged from the end of last month, an oil sector official said.
Baker Hughes said on Friday that US companies added two oil diggers over the week ending July 14, bringing the total number of drilling platforms to 765. The average of new excavators in the last four weeks has been five rigs, the slowest pace since November 2016.
But oil production in the United States is expected to rise for the eighth straight month to 112,000 bpd to 5,585 million bpd in August.
Brent crude fell 49 cents, or 1 percent, to settle at $ 48.42 a barrel.
US light crude fell 52 cents, or 1.1 percent, to settle at $ 46.02 a barrel.
Prices earlier touched their highest since July 5.