Lybia Ports Remain Closed Oil Rises

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.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza