Oil Prices Sink To Lowest Levels Since November

Oil prices dropped Thursday, with expectations for a recovery in Libyan production and rising U.S. output setting prices up for their lowest finish since November. Two of the largest factions in Libya have made progress in reaching a deal to resolve the nation's political and economic crises, BBC News reported late Wednesday. Clashes between armed groups had caused intermittent shutdowns of Libya's major oil field, but a resolution to the tensions could lead to higher output. June West Texas Intermediate crude sank by $1.27, or 2.7%, to trade at $46.55 a barrel on the New York Mercantile Exchange.