- POSTED: 20 May 2014 04:42
Oil prices were mixed on Monday amid escalating violence in crude producer Libya following a revolt by a rogue general that has raised concerns about potential supply disruptions.
NEW YORK: Oil prices were mixed on Monday amid escalating violence in crude producer Libya following a revolt by a rogue general that has raised concerns about potential supply disruptions.
The US benchmark, West Texas Intermediate (WTI) for delivery in June, rose 59 cents to $102.61 a barrel.
Brent North Sea crude for delivery in July dipped 38 cents to stand at $109.37 a barrel in late London deals compared with Friday's closing level.Timothy Evans of Citi Futures said the mixed reaction suggests "a rough balance between the easing of tensions over Ukraine and the ongoing threats to supply in Libya and Nigeria."
In Libya, armed groups attacked the interim parliament and an airbase on Sunday, adding to turmoil in the country where a colonel declared parliament suspended.
"The situation in Libya is having a firm impact on sentiment," said CMC Markets analyst Michael McCarthy.
"There has been no impact on supply but it is a good reminder to investors of potential disruptions that exist not only in Ukraine but also in oil-producing countries like Libya," he told AFP.
Meanwhile, Ukraine, a worry to the markets since March, saw some possible easing in tensions after Moscow ordered troops near the border to return to base.