World oil price drop, while Libya is on expand production

World crude price drop as Libya's state oil company said would double production in coming four weeks, due to rebels take control of the vital Oil Crescent posts.

US crude benchmark West Texas Intermediate (WTI) dropped in October by US$1.32 to US$43.58 a barrel. London Brent north Sea crude in November delivery fell from US$1.25 to US45.85 a barrel.

The causes of fall is Libya's National Oil Corporation on Sunday and Monday said it would start working soon as possible to restore exports from the key posts that were seized from the government by rebels. Then on Tuesday rebels said they would turn posts over to NOC.

NOC on statement said it could raise production from 290,000 barrel to 600,000 barrels within weeks and opt to raise up to 950,000 barrel a day at the end of the year depend on the Oil Crescents ports and opening of closed pipelines in southwest.