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US crude slips as Libya resumes oil exports from port

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U.S. crude futures dropped on Monday as key producer Libya resumed oil exports from the eastern port of Zueitina after an almost year-long halt, adding to a global glut that has weighed on prices since June.

Libya is also testing a pipeline to restart exports from Hariga port, officials said on Sunday. Oil exports have fallen to less than 200,000 barrels a day with the closure of the eastern Hariga port due to a pipeline blast a week ago, down from the up to 1.3 million barrels it exported daily prior to the ousting of Muammar Gaddafi in 2011.

The number of rigs drilling for oil in the United States fell this week by just 37, the smallest drop in seven weeks, as a modest bounce in beaten-down oil prices may be shoring up activity in U.S. oil fields.

Sub-zero winter temperatures disrupted more than two-thirds of the U.S. East Coast's oil refining capacity on Friday, freezing rivers, upsetting cooling systems and hindering maintenance work.

Diesel and heating oil exports will increase to the United States from Europe, traders said, reversing the usual flow, as refineries on the U.S. East Coast struggle against extreme cold that has partly frozen the Delaware River.

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