WTI oil trading at $107, prices rise on Libya supply concern

1 April 2011 1 April 2011

BonTrade

WTI oil futures open Friday’s trading session back over $107 a barrel as investors push prices higher over oil supply concerns from Libya and other parts of the region after Libyan troops recaptured the oil producing towns of Ras Lanuf and Brega.

Latest WTI Oil Price

US Light crude oil futures for May 2011 delivery was trading at $107.04 a barrel, 07.00 GMT this morning in electronic trading on the NYMEX. US WTI oil crude rose $2.45 to $106.72 at close on Thursday, its highest close since September 2008, and jumping 16.9% for the quarter.

Oil Trading Volumes “Light”

Once again, this week’s trading volumes remain light and have been quiet all week as investors watch the Libya conflict from the sidelines in an attempt to gauge short term oil price direction.

Ras Lanuf & Brega Oil Ports

Yesterday’s steep rebound for both WTI and Brent oil futures was mainly after Libyan troops recaptured the oil producing towns of Ras Lanuf and Brega from the rebels in eastern Libya.

However, the rebels, buoyed by news of the defection of Moussa Koussa, Col Gaddafi’s foreign minister, regrouped on Thursday and fought to check the advance.