Crude Drops As Libya Rebels See Oil Exports Soon |
| Wall Street Journal - Mar 28, 2011 |
Crude oil futures fell Monday as rebel forces in Libya issued a shorter-than-anticipated timetable for the resumption of oil exports from the country.
Light, sweet crude for May delivery recently traded $1.50, or 1.4%, lower at $103.90 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 97 cents lower at $114.62 a barrel.
Libyan opposition fighters supported by the air power of the U.S. and its allies made a rapid push westward over the weekend. The rebels regained control of Brega, where Libya's main crude oil export terminal is located, and Ras Lanuf where there is a key refinery.
Exports from Libya, which had fallen to virtually zero since the early stages of the conflict, could resume "in less than a week," said rebel representative Ali Tarhoni, adding that current production of 100,000 to 130,000 barrels a day could "easily" be raised to about 300,000 barrels a day. Before the conflict began, the North African nation exported 1.3 million barrels a day of crude oil.
Read Full Article from Wall Street Journal
- Posted: 2011-03-28 10:37:11
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