Crude prices rise on dashed hopes for Libya production


Brent crude rises above $110/bbl on renewed concerns over Libya's oil output following some of the worst violence in Tripoli since Gaddafi's ouster in 2011.

Gunmen stormed Libya's parliament yesterday and demanded its suspension, claiming loyalty to a renegade army general.

An end to a month-long blockade of major oil ports in eastern Libya last month raised the prospect of higher crude exports, but just-opened oil fields have been closed again as clashes erupt.

Also helping push crude prices are potential Norwegian strikes and the shutdown of BP's Foinaven field for maintenance.

Energy companies with a significant presence in Libya include Total (TOT), Statoli (STO), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES) and Occidental Petroleum (OXY).

ETFs: USO, OIL, UCO, SCO, DTO, BNO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM, TWTI

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Comments (4)
  • User 353732
    , contributor
    Comments (5158) | Send Message
     
    Yet another consequence of turning Libya into a failed state. The US and EU are directly responsible for Libya's descent from a weak and weakening dictatorship but functioning State into sectarian, tribal and regional warfare and dysfunction.
    The US and EU promised ordinary Libyans freedom; instead they gave them misery, terror and degeneration.
    If the Egyptian military had not acted in time, the same calamity would have been visited on Egypt . Syria too is a target but so far, the US and EU have not succeeded in turning Syria into another failed State, haven for terrorists and spawning ground for deranged fanatics. 
    19 May 2014, 01:20 PM Reply Like
  • Joe Lunchbox
    , contributor
    Comments (678) | Send Message
     
    You forgot Afghanistan and Iraq.
    19 May 2014, 02:47 PM Reply Like
  • Vasiliy
    , contributor
    Comments (62) | Send Message
     
    Now you can get paid by Putin for this nonsense.
    One problem is that all these regimes established by Soviet slavery and your personal KGB-bastards.
    for all these despotic regimes + North Korea, Cuba, Venezuela, etc. blames your putin - little despot, and damn his KGB.
    US helped Hong Kong, Singapore, S. Korea, and Japan and Germany restored.
    EU and US helped to destroy your damned ussr with all that bastards.
    i hope the same will happened with your russia-parassia.
    btw, soviets invaded in Afghanistan, helped Saddam kill Kurds, supplied him weapons.
    19 May 2014, 06:12 PM Reply Like
  • UnCoverUp
    , contributor
    Comments (79) | Send Message
     
    ConocoPhillips (COP) should do the honorable thing and abandon the contractual agreements that former Chairman James J. Mulva and the Bush-Cheney Regime brokered with the Gaddafi Regime before more US soldiers or diplomats loose their lives defending COP, not US, "interests" in Libya. As discussed in "ConocoPhillips Shareholder Proposal -- 2012" (published at http://bit.ly/RUYhfv) the corporate lawyer turned diplomat Christopher Stevens was most likely assassinated in 2012 because of his past role as middleman in COP's corruption-laden contract negotiations with the now hated Gaddafi Regime. Message to COP's board of directors from the mothers and fathers of US soldiers who you have "used" to protect your interest over the decades, from the 1993 Battle of Mogadishu, through the 2003 Iraq War, to the 2012 Benghazi attacks: "We're finished subsidizing your exploitation of other peoples natural resources with the lives of our sons and daughters."
    21 May 2014, 02:50 PM Reply Like
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