By Adedapo AdesanyaThe oil market soared on Monday over fears that a widening conflict in the Middle East could curtail Iranian crude supply.
Since it was the final trade for the third quarter, Brent made an 18 per cent loss while the US WTI recorded a 16 per cent loss for the quarter.
Meanwhile, following last week’s deal on the leadership of the Central Bank, Libya is set to resume crude oil production on October 1.
At the end of last week, the rival factions reached an agreement in UN-mediated talks over the election of the Central Bank’s leadership, paving the way to restoring oil production and exports.
Estimates showed that crude oil exports from Libya crumbled to around 400,000 barrels per day in September from 1 million barrels per day in August...
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