Crude prices were seen trading higher on the last day of the trading week as traders focus on Libya’s oil exports after rebels blocked shipments from the country’s east port and said they agreed with the government to re-open the port.
The North American West Texas Intermediate (WTI) for May delivery edged 0.16% higher at $100.46 a barrel on the New York Mercantile Exchange. While Brent crude for May settlement climbed 0.12% to $106.28 a barrel on t he London-based ICE Futures Europe exchange.
Crude – Libya
In Libya, holder of Africa’s largest reserves, the rebels announced their agreement with the government to re-open vital ports, which would end the eight-month deadlock that have been harming the nation’s income, according to reports from Reuters.
The rebels’ Executive Office for Barqa, finalized an agreement that four terminals which were shut down since July can resume, the group’s spokesman, Ali Al-Hasy confirmed on Wednesday.
Oil traders are expecting the resumption of crude exports to drag prices lower, while supplies are expected to climb higher.
The oil ports are expected to be reopened in the next 2-3 days, with predictions that the export capacities from the country would reach 600,000 barrels per day.
Oil production from Libya fell by over a million barrels a day in the past year while protests halted oil ports.
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