Oil traded near the lowest price in more than three weeks, hit by increasing oil supply speculations as Libya reparse to increase exports after taking back control over two ports that have been closed for nearly a year.
On Sunday, Libya said it lifted force on two oil ports handed over by rebels last week, paving the way for the return of sizable exports after halting for nearly a year and the decision to lift a ban on shipping from the ports will provide further relief to oil markets.
- On the New York Mercantile Exchange, Crude Oil fell 0.29% to trade at $ 103.76 a barrel
- On the ICE Futures Exchange in London, Brent Oil was at $ 110.49 a barrel, down by 0.13%
Dealers also weighed easing concerns about the jihadist insurgency in Iraq. After nearly four weeks of fighting with government forces, the group has not have yet a direct threat on the key oil-producing region in the country`s south.
In latest news, Iraq`s parliament is still in deadlock to form a new government, with Shi`ite Muslim cleric Moqtada al-Sadr has urged Prime Minister Nuri al-Maliki`s coalition to withdraw support for his bid for a third term.
- NYMEX Gasoline fell 0.34% to trade at $ 300.95
- NYMEX Heating Oil lost 0.30 % to trade at $ 291.97
- ICE Gasoline dropped 0.34% to trade at $ 901.50