Oil prices down slightly as fears of Libyan supply disruption ease

Oil prices edged down on Tuesday, extending the previous day's losses, as concerns over disruption to Libyan oil loadings eased.

Fears of weaker demand linked to soft economic data from China and rising temperatures elsewhere also pressured prices.

Brent crude oil futures were down 11 cents, or 0.14%, at $76.97 per barrel at 1:35 p.m. EST (1835 GMT). U.S. West Texas Intermediate crude futures were down 9 cents, or 0.12%, at $73.08.

Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2.

In Libya, local protesters prevented crude oil loadings on Tuesday at Es Sider and Ras Lanuf ports, putting about 450,000 barrels per day of exports at risk.

However, fears of supply disruption eased after Libya's state-run National Oil Corp said export activity was running normally after it held talks with protesters.

"The market priced in the risk of Libyan oil supply disruption before it became clear that flows for now are not disrupted, with the risk premium evaporating again," UBS commodities analyst Giovanni Staunovo said.

"There remains a risk of new disruptions down the road," he added.

Elsewhere China, the world's largest crude oil importer, reported on Monday an unexpected contraction in January manufacturing activity.