Oil rises on Libya supply disruptions

Oil rises on Libya supply disruptions

Published: Monday, 12 Aug 2013 | 3:23 PM ET

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U.S. crude settled 14 cents higher at $ 106.11 a barrel on Monday after a sharp rally in the previous session, as investors awaited U.S. data this week for hints on when the Federal Reserve will scale back its stimulus.

On Friday, both crude oil benchmarks had logged their biggest daily percentage gains in a week following unexpected strength in trade data from China.

Prices slipped in early trade on Monday as traders booked profits but support came from ongoing instability in Libya that has led to the worst supply disruptions in the country since the 2011 civil war.

Striking security guards reimposed a two-week-old shutdown at Libya’s two biggest crude export terminals, which have the capacity to ship around 600,000 barrels per day. Production was also disrupted at a number of fields by similar protests.

Market players were awaiting a slew of U.S. data this week for hints on when the Federal Reserve will start winding back its monetary stimulus.

Brent rose 75 cents to settle at $ 108.97 a barrel. U.S. crude settled 14 cents higher at $ 106.11.

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U.S. crude settled 14 cents higher at $ 106.11 a barrel on Monday after a sharp rally in the previous session, as investors awaited U.S. data this week for hints on when the Federal Reserve will scale back its stimulus.

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