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Oil Rallies on Concerns about Libya

December 29, 2014 at 13:15 by Vladimir Vyun

Crude oil rallied today on concerns that infighting in Libya will cause supply disruptions. Clashes between factions that vie for control of the country caused a fire at one of Libya’s main export terminals, resulting in destruction of 800,000 barrels of crude oil.

The commodity also rallied on hopes that China and Japan will stimulate their economies, leading to increasing energy consumption.

Prices were falling previously due to concerns about a global supply glut. It is still a negative factor that may yet drive oil back in a decline.

February contract for WTI crude oil gained 1.21 percent to $55.39 per barrel as of 13:08 GMT on NYMEX today. Brent crude added 1.11 percent to $60.11 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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