West TX Oil above $103.50 on Libya Risk

U.S. crude futures rose in early Asian trade on Wednesday, supported by a disruption in Libya’s oil output and an unexpected draw in U.S. crude oil inventory according to industry data.

U.S. crude for July delivery rose 57 cents at $102.90 a barrel as of 0006 GMT after it settled 22 cents up at $102.33 a barrel in the previous session. U.S. crude for June delivery, which expired Tuesday, settled 17 cents lower at $102.44, after hitting its highest price in nearly a month on Monday.  Brent crude gained 9 cents at $109.78 a barrel after it settled 32 cents higher at $109.69 a barrel.

Libya’s western El Feel and El Shahara oilfields are still closed, a spokesman for National Corp Oil (NOC) said on Tuesday, more than a week since the government said protests there were over. He gave no new production figure. On Monday, NOC had put output at 210,000 barrels a day.

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