Oil Shoots over US $107

Business Times reported that the price of Brent crude rallied on Monday, climbing more than US$1 to over US$107. The rebound comes after oils biggest weekly fall in six months, following news of a restart of a key Libyan oilfield.

According to the publication:

Brent crude futures for February climbed US$1.07 to a high of US$107.96 before easing slightly to trade around US$107.85 by 1045 GMT. It settled lower in the previous four sessions.

Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt commented:

A big increase in Libyan output is bearish for oil,” adding “But in the past forecasts of a quick resumption of (Libyan) oil exports have proven unfounded, so we need to wait and see.

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