Brent crude advanced the most in almost two weeks after Libyan rebels refused to hand over control of three oil ports to the government.
Futures rose as much as 1.8 percent. The North Sea grade slid 2.5 percent last week on speculation that the ports, shut since July, would be reopened. Ibrahim Al Jedran, a Libyan rebel leader, told a news conference yesterday that the oil-export terminals of Es Sider, Ras Lanuf and Zueitina will remain shut after the government rejected his conditions. Output from the country, holder of Africa’s largest proven reserves, fell to 210,000 barrels a day last month, the lowest level since 2011.
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