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