Brent oil trading near 2011 highs, Libya remains main driver
BonTradeBrent oil futures open today’s trading session near 2011 highs as oil supply concerns from Libya remain the main driver of higher crude oil prices, with traders and investors on edge about shorting oil anytime soon.
Latest Brent Oil Price
In London, Brent crude oil futures for May 2011 delivery was trading at $122.78 a barrel, 06.15 GMT this morning on the ICE Futures Exchange. The Brent contract ended Wednesday’s trading session at $122.14.
Libya Remains Main Oil Price Driver
Libya’s civil war remains a major focus for oil market participants and the main driver of higher oil prices in 2011.
The Libyan conflict has caused some 1.6 million barrels a day of mostly Europe bound crude to be removed off the market.
Some oil exports have resumed from the country, Didier Houssain, director of energy supply and markets at the IEA (International Energy Agency), said that the fighting continues to cause a disruption to Libya’s oil supply.
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Original post:
Brent oil trading near 2011 highs, Libya remains main driver
