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Crude Oil Rallies on News from Libya

April 3, 2014 at 20:13 by Vladimir Vyun

Crude oil rallied today on speculations that the Libyan government and the rebels will not be able to reach an agreement to restore oil shipments. It was reported previously that the rebels agreed to hand over the Zueitina oil port, which has 200,000 barrels per day loading capacity, but the report was discounted later. Oil output from Libya shrank to 250,000 barrels per day in March compared to 1.4 million a year ago.

The US Energy Information Administration reported yesterday that crude oil inventories decreased by 2.4 million barrels to 380.1 million barrels last week from the week ago. Market participants had expected an increase by 1.3 million. This report was also helping prices to rise.

May futures for delivery of WTI crude oil were up $0.77 (0.77 percent) to $100.39 per barrel as of 20:09 GMT on NYMEX today. Futures for Brent crude gained as much as $1.48 (1.41 percent) to $106.27 per barrel on ICE.

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