Brent Oil Drops as Libyan Rebels Agree to Open Ports; WTI Falls

Brent crude declined for the first time in three days after Libyan rebels agreed to open two oil export ports after talks with the government. West Texas Intermediate in New York fell.

The European benchmark contract slid as much as 0.5 percent in London. Barqa federalists will “temporarily” open the Hariga and Zueitina terminals in east Libya, Ali al-Hasy, spokesman for the rebels’ executive office, said yesterday after talks with a government delegation. Libyan output slipped to 250,000 barrels a day last month, compared with 1.4 million a year earlier, according to a Bloomberg News survey.

Brent for May settlement lost as much as 57 cents to $106.15 a barrel on the London-based ICE Futures Europe exchange and was at $106.18 at 8:39 a.m. Sydney time. The volume of all futures traded was about 11 percent above the 100-day average. Prices slid 1.3 percent last week.

WTI for May delivery dropped as much as 25 cents to $100.89 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 0.5 percent last week. Futures were at a discount of $5.25 to Brent.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net Alexander Kwiatkowski, Jake Lloyd-Smith

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