It was supposed to be one of the few things that could stop oil prices from falling further: a major producer in the Middle East closing oil export terminals due to heavy fighting in the area.
Last weekend Libya’s state-owned National Oil Corporation declared force majeure from Ras Lanuf and Es Sider, two ports in the eastern part of the country with a combined capacity of 560,000 barrels per day.
What was the response by oil traders? Not much. On Monday, Brent futures dropped 79 cents.