Oil surrendered early gains on Monday to close at a fresh five-and-half-year low on doubts that escalating violence in Libya would resolve a looming supply glut.
The expanding seven-month civil conflict in Libya, an important Opec member, has caused traders to refocus attention on geopolitical risks and the potential impact on supplies and exports.
Libya, which holds Africa’s largest oil reserves, has seen production drop from as high as 900,000 barrels a day in October to less than 400,000 b/d because of the most recent fighting.
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