Oil Stays Above $104 on Libya, Ukraine Airport Killings  

The price of oil remained above $104 a barrel Tuesday as investors weighed how the conflicts in Ukraine and Libya were likely to affect crude supplies.
Benchmark crude for July delivery fell 24 cents to $104.11 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, dropped 30 cents to $110.02 on the ICE Futures exchange in London. Ukraine is a key conduit for Russian gas deliveries to Europe. A proposed solution to a dispute over Ukrainian natural gas debts to Moscow raised hopes that a supply cutoff would be averted. Russia’s acceptance of Petro Poroshenko’s victory in Sunday’s presidential elections was also regarded as a sign of easing tensions. But the resurgence of fighting, as the government in Kiev responded with an airstrike to the pro-Russia separatists’ occupation of the airport in Donetsk, a city of about 1 million in eastern Ukraine, underscored the uncertainties that remain. Meanwhile, in Libya, which has been unable to stabilize since the ouster of Moammar Gadhafi in 2011, the National Oil Corporation said crude exports stood at 160,000 barrels a day, down from 1.4 million barrels a day a year ago. Several key export facilities are controlled by militias who do not recognize the central government.
Source: AP

Leave a Reply

Your email address will not be published. Required fields are marked *