Oil drops 4% after resumed production at Libyan field threatens market oversupply
, the commodity's international standard, fell 3.1% to an intraday low of $41.93. Both contracts retraced some gains following the decline.
"Oil seems ripe for a pullback here and if the demand outlook shows further signs of faltering, WTI could settle back towards the mid-$30s," Edward Moya, senior market analyst at OANDA, said Thursday.
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