Wednesday 9 July 2014

Brent falls below $109 as Libya restarts oilfield.

Brent crude fell below $109 a barrel on Wednesday as Libya restarted an oilfield, on track to drop for an eighth session in what would be its longest losing streak in over four years. 

Easing worries over possible disruptions to supply from the conflict in Iraq also dragged on prices. 

August Brent crude had declined 12 cents to $108.82 a barrel by 0318 GMT, down nearly 6 per cent from a nine-month high reached in June. 

US crude for August delivery was up 3 cents at $103.43 a barrel, after Tuesday's settlement marked its longest losing run since December 2009. 

The price spread between the two benchmarks is the narrowest in nearly a month. 


Libya restarted the 340,000 barrels per day (bpd) El Sharara oilfield after protesters ended a four-month strike, state-run National Oil Corp (NOC) said on Tuesday, a move that could double its current meagre crude output. 

The government took over the Ras Lanuf and Es Sider oil ports last week, ending an almost year-long occupation that reduced Libya's output to less than a quarter of the 1.4 million bpd the OPEC member used to pump before protests started last summer. 


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