Oil Eases as Libya Rebels Recapture Major Oil Port
Mar 28th, 2011In other Nymex trading for April contracts heating oil fell 0.2 cents at US$3.05 a gallon and gasoline was steady at US$3.04 a gallon.
World oil prices eased in Asian trade Monday as Europe debt concerns escalated following reduction in bailout package by the EU. Light sweet crude for May delivery was seen trading at US$105.02 a barrel at 12.00 noon Singapore time while Brent crude was at US$115.46 a barrel in London. In other Nymex trading for April contracts heating oil fell 0.2 cents at US$3.05 a gallon and gasoline was steady at US$3.04 a gallon. Natural gas added 4.8 cents to US$4.45 per 1,000 cubic feet.
On Sunday European Union reduced the amount committed to an emergency support system for the euro region. Analysts said oil demand in the region is likely to fall on euro debt concerns that is offsetting MENA region unrest even though unrest spreading to more nations. Futures slipped 0.4 percent posting their longest declining streak in two weeks as the Libyan rebels recaptured the oil port of Ras Lanuf Sunday. They have vowed to quickly restart Libya s 1.6 million barrels per day of crude output but many important foreign oil workers have fled the country and continued fighting makes tanker shipments risky.
Source: indiainfoline.com