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Crude Rallies due to Violence in Libya

May 19, 2014 at 10:45 by Vladimir Vyun

Crude oil prices rallied today due to violence in Libya. Militia led by former general stormed the parliament on Sunday. The power-grab threatens to send the country into a civil war.

Analysts estimated that output from Libya, the member of the Organization of Petroleum Exporting Countries, shrank by 80 percent to 215,000 barrels per day in April from a year ago. It is about 13 percent of potential capacity. The current turmoil in the country makes chances for recovery of production very slim.

June futures for delivery of WTI crude oil rose $0.64 (0.63 percent) to $102.66 per barrel as of 10:41 GMT on NYMEX today. Contract for Brent crude advanced $0.34 (0.31 percent) to $110.09 per barrel on ICE.

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