Oil Plunges Most in a Week With Supply Disruptions Subsiding
- About 69% of U.S. Gulf oil output shut versus 92% last week
- Both crude benchmarks trade below key technical levels
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Oil dropped the most in more than a week with Gulf of Mexico production starting to resume and Libya reopening its biggest field.
Futures in New York declined 2.9%, falling to its lowest in a week and breaching its 100-day moving average in a sign of further selling pressure ahead. Global benchmark Brent futures settled below both its 100-day and 200-day moving averages.