Brent slips below $73/bbl on easing Libyan dispute, demand concerns

Oil prices fell on Wednesday, continuing a 5% drop from the previous day and reaching their lowest levels since December. The decline is driven by hopes that a political dispute blocking Libyan exports may be resolved, as well as worries about weak global demand.

Brent slipped below $73/barrel to $72.83 while West Texas Intermediate crude futures for October were down 0.95%, at $69.39, after dropping 4.4% on Tuesday. A Libyan central banker said a deal appeared imminent to resolve a dispute between the rival governments in the strife-torn North African nation, which could spur the resumption of oil output.