Brent crude prices hovered near a three-week low just above $110 a barrel on Monday, hurt by a potential rise in oil supply as Libya gears up to resume exports from two ports that have been closed for nearly a year.
The benchmark dropped 2.3 per cent last week, its biggest weekly decline since early January, on the Libyan news. Brent is about $5 a barrel below its highest point this year - marked in June when fighting broke out in northern Iraq.
August Brent had edged up 6 cents to $110.70 a barrel by 0142 GMT. U.S. oil for August delivery fell 15 cents from Thursday's settlement to $103.91 a barrel. There was a public holiday in the United States on Friday.
The benchmark dropped 2.3 per cent last week, its biggest weekly decline since early January, on the Libyan news. Brent is about $5 a barrel below its highest point this year - marked in June when fighting broke out in northern Iraq.
August Brent had edged up 6 cents to $110.70 a barrel by 0142 GMT. U.S. oil for August delivery fell 15 cents from Thursday's settlement to $103.91 a barrel. There was a public holiday in the United States on Friday.
State-run National Oil Corp (NOC) lifted force majeure from the major eastern Ras Lanuf and Es Sider oil ports after rebels agreed last week to end a blockade to press financial and political demands.
No comments:
Post a Comment