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Monday, January 18, 2021

Oil prices down after Libyan deal

The Associated Press

Oil prices fell Monday after reports that a Libyan militia agreed to reopen some oil terminals, possibly boosting global supplies.

Benchmark U.S. crude for May delivery was down 53 cents to $100.61 a barrel at 0915 GMT in electronic trading on the New York Mercantile Exchange. The contract gained 85 cents to close at $101.14 on Friday. The price has vacillated around $100 per barrel for most of the past month.

Brent crude, used to set prices for international varieties of oil, sank 93 cents to $105.78 a barrel on the ICE exchange in London.

The official Libyan news agency said the country’s main militia in the east agreed to hand back control of four oil terminals it captured and shut down last summer to demand a share in oil revenues. The shutdown has cost Libya millions of dollars.

Under the deal reached late Sunday, the militia would immediately hand over two terminals to the national government and return two others in a few weeks.

In other energy futures trading in New York:

— Wholesale gasoline fell 1.7 cents to $2.914 a gallon.

— Natural gas rose 6.1 cents to $4.50 per 1,000 cubic feet.

 

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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