West TX Oil at $102.50 on Libya Concerns

U.S. crude oil futures hovered above $102 a barrel on Monday in early Asian trade, supported by concerns over oil output in Libya and other geopolitical tensions that could disrupt oil production.

U.S. crude rose 3 cents a barrel to $102.05 as of 0036 GMT, after the contract settled 52 cents a barrel higher in the previous session.  Brent crude also gained 10 cents a barrel at $109.85 after it ended 66 cents higher at $109.75.

Heavily armed gunmen loyal to a renegade Libyan general stormed parliament on Sunday demanding its suspension and a handover of power to purge the North African country of Islamist militants.


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