|12-29-2014, 11:25 PM||#1|
Brent prices head towards $60 on Libya supply worries
Crude oil prices edged higher on Monday after a two-day fall as heightened clashes in Libya ignited worries over supply disruptions.
Fighting in Libya has caused a fire at one of the country’s main export terminals, which destroyed 800,000 barrels of crude, according to Libyan officials, which amounts to more than two days of Libya’s output.
Clashes have emerged around Libya’s largest crude terminal, Sidra, which is under the control of anti-Islamist militia which is allied with the internationally recognized government.
The government pledged earlier this month that Sidra will be “liberated.”
February Brent crude was last up 45 cents at $59.90 per barrel, while U.S. crude oil futures gained 60 cents to $55.32 per barrel. As of 07:32 GMT
Traders said that prices also found some support from short covering by traders.
Over the weekend, Algeria’s Energy Minister Youcef Yousfi pleaded members of the Organization of the Petroleum Countries (OPEC) to cut their output to hike prices and protect the income of member countries.
Also, he said the ministry estimates oil prices between $60 and $70 in 2015, and $80 in 2016.
Oil prices are expected to however near the $60-a-barrel mark in the short term.
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