A major selloff took place on the news centered about the potential resolution of a dispute in Libya that has caused a halt in the country's crude production and exports.
The announcement on Tuesday raised hopes for an end to the political deadlock that has severely disrupted Libya's oil exports. The impact of the dispute on Libya's oil output has been stark. The National Oil Corporation reported that total production had dramatically fallen to just over 591,000 barrels per day on August 28, down from nearly 959,000 bpd two days earlier, according to Reuters.
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