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9/18, 2:36 PM (Source: TeleTrader)
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Crude turns to losses with Libya set to resume output

Oil prices surrendered gains recorded earlier on Friday to trade in the red territory as investors expect crude production in Libya to restart following an eight-month stoppage.

Libyan National Army Commander Khalifa Haftar unveiled his forces are willing to let the country resume its oil output and exports "with all the necessary conditions and procedural measures that ensure a fair distribution of its financial revenues." The Government of National Accord in Tripoli said the production will start again following Haftar's announcement, pledging to form a new committee to oversee revenue distribution.

West Texas Intermediate for October's settlement lost 0.95% to trade for $40.58 per barrel at 8:24 am ET. A minute later, Brent for deliveries in November slipped 1.18%, selling at $42.79 per barrel.

Breaking the News / GA