Brent Crude Finishes Lower; Libyan Supply In Sight

Reuters

NEW YORK, Jan 6 (Reuters) - Oil prices seesawed on Monday, ending the session slightly lower, as traders weighed reports of production resuming at a Libyan oilfield against new threats to shipments from a port controlled by protesters.

Brent and U.S. crude dipped on a day of mixed messages, including a shipping drama off Libya's shore and a deep freeze across the United States that threatens to disrupt oil production but also curtail demand.

In an apparent escalation of the months-long civil unrest in Libya, the country's armed forces warned they would not allow any oil tanker to load at ports seized by protesters. The Libyan Navy had blocked a Maltese-flagged vessel from trying to reach a dock and opened fire as it approached the port of Es Sider, officials said.

The price volatility followed Brent's biggest weekly fall in six months after the restart of the El Sharara oilfield following a two-month blockade by protesters.

The restart of the 340,000-barrel-per-day (bpd) field will more than double Libyan crude production, which had fallen to 250,000 bpd from 1.4 million bpd in July.

"We're still seeing most of the geopolitical risk hitting Brent, whether it be Libya or Iraq," said Phil Flynn, analyst at the Price Futures Group in Chicago.

On Monday, Iraq's prime minister urged people in the besieged city of Falluja to drive out al Qaeda-linked insurgents to pre-empt a military offensive that officials said could be launched within days.


123

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Sales Manager ADI
Expertise: Sales
Location: Pittsburgh, 
 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
 
search for more jobs

Brent Crude Oil : $54.16/BBL 0.44%
Light Crude Oil : $51.37/BBL 0.56%
Natural Gas : $3.37/MMBtu 2.12%
Updated in last 24 hours