On September 3, international crude oil futures plummeted, with Brent crude oil once falling by more than 5%.

Sadiq Al-Kabir, Libya's central bank governor, mentioned that there were strong signs that the political factions were close to reaching an agreement that would break the current deadlock.

Al-Kabir wrote in a statement that the Libyan authorities requested five days to complete consultations on central bank issues. The news could mean the OPEC member will soon resume its full output.

At the same time, there are many signs of weakness on the demand side of crude oil. Both manufacturing PMIs released in the US were worse than expected. Therefore, it all caused the crude oil price to decline significantly.