US Oil Loses $1 On Cushing Build, Libya Supports

Brent has been underpinned by tensions in Libya, where civil unrest over the last seven months has cut oil exports to around 510,000 barrels per day (bpd) from more than 1 million bpd in July.

On Wednesday the Libyan oil minister said the country would sue and stop doing business with any foreign companies that buy oil from ports seized by protesters, after those protesters offered oil at $90 a barrel.

Libyan Prime Minister Ali Zeidan warned that its navy could sink oil tankers that approach eastern ports controlled by armed protesters led by tribal leader and 2011 civil war hero Ibrahim Jathran.

(Additional reporting by David Sheppard in London, Anna Louie Sussman in New York and Jacob Gronholt-Pedersen in Singapore; editing by William Hardy, Chris Reese, Meredith Mazzilli and Matthew Lewis)

Copyright 2014 Thomson Reuters.


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