Crude Drops as Libyan Rebels Hand Over Control of Ports
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Brent and West Texas Intermediate crudes dropped for the first time in three days after Libyan rebels surrendered control of two oil ports to the government, enabling the country to bolster exports.
Brent decreased 0.8 percent. The self-declared Executive Office for Barqa turned over the oil terminals of Hariga and Zueitina overnight and will relinquish the other two ports they control in two to four weeks, said Ali Al-Hasy, a spokesman for the group. Libya’s output fell to 250,000 barrels a day in March from 1.4 million a year earlier, according to data compiled by Bloomberg.