World's crude benchmark Brent slumped more than $2 per barrel on Wednesday following U.S. threats to impose additional tariffs on Chinese imports, while Libya announced the reopening of key oil terminals at its eastern ports.
September Brent crude futures sank 2.7 percent, to a trough of $76.76 before rising slightly to $77.20, down $1.66. August U.S. light crude futures, underpinned by a tight North American market, were down 65 cents at $73.46 per barrel.
Libyan crude output dropped to 527,000 barrels per day (bpd) from a peak of 1.28 million bpd in February after the port closures.
Brent prices surged this week to almost three-year peak amid Libya’s unexpected outage, decline in Canadian oil production and strikes in Norway.