Brent Crude Gains Tempered by Libyan Port Openings

Reuters reported today that U.S. Benchmark Brent crude oil prices increased to their highest on almost six weeks on expanding sanctions against Russia over issues in Ukraine. However, the price rise was halted with news of the first oil tanker being reloaded on Tuesday at Libya’s Hariga port after a month long closure. Expectations for a domestic surplus also affected U.S. oil prices, according to Reuters.

As quoted in the market news:

U.S. crude futures fell 30 cents to settle at $103.75. The June contract for Brent, which will become the front-month contract on Wednesday, settled 29 cents higher at $109.36 a barrel. The Brent contract for May, which will expire after settlement on Tuesday, fell 33 cents to $108.74.

Click here to read the full Reuters article.