Bloomberg reported that oil prices have fallen with Libya resuming production from its largest Sharara field in the country's south. The development boosted global supplies and outweighed concerns about tensions in the Red Sea, which continue disrupting shipping. 

In a report on Monday, the agency said that the global benchmark Brent crude fell to $78 a barrel after a week of trading within a narrow range. 

Meanwhile, West Texas Intermediate crude saw little change and remained above $73. The Libyan National Oil Corporation announced that flows from the Sharara field, which previously pumped around 270,000 barrels per day, would resume after a three-week halt.