News of likely opening of 4 Libyan oil terminals triggers dip in oil prices

10-Apr-14

Benchmark U.S. crude oil for May delivery fell to US$100.4 a barrel on the Nymex, while Brent crude, fell by close to a dollar to US$105.8 a barrel on the ICE Futures exchange in London. Oil prices dipped below US$101 a barrel at the start of the week following reports that four Libyan oil terminals under militia control could soon open and possibly boost global supplies. The official Libyan news agency reported the country's main militia in the east agreed to hand back control of four oil terminals it captured and shut down last summer to demand a share in oil revenues. Under the deal reached late Sunday, the militia would immediately hand over two terminals to the national government and return two others in a few weeks.