Oil Prices Fell For Bit with Prospect of Libyan Oil Back Online


International oil prices fell Monday on the prospect that exports from Libya will return to the market at a time of economic weakness.

International oil prices fell Monday because of the prospect that Libyan oil shipments will hit the market again, but it could be a year or more before Libya produces enough oil to start exporting it in large amounts again.

Gas has fallen 41 cents, to $3.57 a gallon, from its peak earlier at $3.98 on May 5, 2011. According to experts, gasoline could fall as low as $3.25 by the middle of September.

Crude Oil was up today for the day +1.84 (2.24%); Brent Crude was down 26 cents.

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