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Oil hovers above $102 as Libya tensions flare

🕐 1 min read

The Associated Press

The price of oil hovered above $102 a barrel Tuesday as the threat of further violence in Libya threw into question the country’s ability to ramp up its crude exports.

Benchmark U.S. crude for July delivery was up 18 cents to $102.29 a barrel at 0640 GMT in electronic trading on the New York Mercantile Exchange. The Nymex contract for June rose 12 cents to settle at $102.73 on Monday, its last day of trading.

Brent crude, a benchmark for international oil, added 23 cents to $109.60 on the ICE exchange in London.

A revolt by a rogue general has split the Islamists that dominate Libya’s politics and risks an outright battle for power that could fragment the country, which has Africa’s largest proven reserves of crude. Libya was a key supplier of crude to European refineries but has been struggling to stabilize oil output and exports since dictator Moammar Gadhafi was ousted in 2011.

In other energy futures trading in New York:

— Wholesale gasoline rose 0.2 cent to $2.951 a gallon.

— Natural gas added 1 cent to $4.48 per 1,000 cubic feet.

— Heating oil gained 0.4 cent to $2.941 a gallon.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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