Benchmark oil prices fell on Monday morning following the resumption of production at Libya's largest field, Report informs via Interfax.

March Brent futures on the London ICE Futures exchange amounted to $78.23 per barrel, which is $0.33 (0.42%) lower than the level at the close of previous trading.

WTI February futures prices for oil in e-trading on the New York Mercantile Exchange (NYMEX) fell by $0.25 (0.34%) to $73.16 per barrel. The February contract expires when the market closes on Monday. More actively traded March futures fell $0.31 (0.42%) to $72.94 a barrel.

Last week, Brent rose in price by 0.3%, while WTI price went up by 1%.

The Libyan National Oil Corporation on Sunday announced the lifting of the force majeure regime and the full resumption of production at the Al-Sharara field, whose productivity reaches 300,000 barrels per day.

The force majeure regime had been in effect since January 7 due to protests that led to the cessation of supplies from the field to the Zawiya export terminal.