Oil prices drop on prospect of returning Libyan supplies

Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year.

The more-active September contract for Brent LCOc2 fell 22 cents, or 0.5%, to $41.63 a barrel by 0832 GMT, paring Monday’s 92 cent gain. The August contract LCOc1, which expires on Tuesday, fell 26 cents to $41.45.

U.S. crude CLc1 was down 27 cents, or 0.7%, at $39.43 a barrel.