Oil recoils on concerns of stalemate of Libya conflict, sudden disruption in Kuwaiti oil exports

After two day declines, oil prices have recoiled on concerns of conflict in Libya and supply disruptions in the region. Brent crude rebounded above US$122 on fears that the Libya conflict could settle into a bloody deadlock after an African Union-sponsored peace plan failed, while a sudden disruption in Kuwaiti oil exports due to bad weather has boosted sentiment. ICE Brent crude for May rose to US$122.1.
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