Oil drops towards $65 a barrel as Libya’s biggest field restarts

London — Oil fell towards $65 a barrel on Tuesday, pressured by the restart of Libya’s biggest oilfield and on expectations for an increase in US crude inventories.

Brent crude, the international benchmark, fell 62c to $65.05 a barrel as of 9.30am GMT. US West Texas Intermediate crude slipped 44c to $56.15. Oil also slipped on forecasts that the latest round of US inventory reports will show rising crude stockpiles. Six analysts polled by Reuters estimated, on average, that crude stocks rose 400,000 barrels in the week to March 1.

Concern about a slowdown in oil demand growth, especially in Europe and Asia, has weighed on prices. Still, Brent has risen 20% this year due to supply curbs led by oil cartel Opec.

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