The price of North Sea Brent crude oil has fallen to around $91 per barrel, the lowest level in more than two years and about 21% lower than its year-to-date peak of $115 per barrel on June 19. Before its recent decline, average monthly Brent spot prices had traded within a , from $107 to $112 per barrel, for 13 consecutive months through July 2014. During that period of low price volatility, substantial oil supply disruptions in the Organization of the Petroleum Exporting Countries (OPEC) were offset by increases in U.S. production and weaker-than-expected global demand. More recently, however, the resumption of significant Libyan oil production, combined with the weakening outlook for global oil demand, has put downward pressure on prices. The sustained increase in Libyan production over the summer—increasing from 200,000 barrels per day (bbl/d) in June to 900,000 bbl/d at the […]