Oil prices drop on prospect of returning Libyan supplies

Oil prices drop on prospect of returning Libyan supplies

Oil prices slipped on Tuesday as traders took profits after sharp gains in the previous session and Libya’s state oil company flagged progress on talks to resume exports, potentially boosting supply.

The more-active Brent crude futures for September fell 24 cents, or 0.6%, to $41.61 a barrel by 0610 GMT, paring Monday’s 92 cent gain. The August contract, which expires on Tuesday, fell 24 cents to $41.47.

U.S. crude WTI was down 33 cents, or 0.8% at $39.37 a barrel, Reuters reported.

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