Oil prices dip at the start of the week

28-Mar-11

Oil prices dipped to near US$105 a barrel at the start of the week, as Libyan rebels retook control of a two key port towns and said they would restart crude exports within weeks. Rebels recaptured oil complexes in the coastal cities of Ras Lanouf and Brega as strikes by coalition fighter jets and missiles pushed back forces loyal to Libyan leader Moammar Gadhafi. Benchmark crude for May delivery dipped to US$105 at midday Singapore time on the nYmex, while in London, Brent crude dipped to US$115.5 on the ICE futures exchange. Protests continue to escalate in Syria and Yemen.