Oil slides to $104 as rebels take Libyan ports

By: The Associated Press Email
By: The Associated Press Email

Oil prices are sliding after Libyan rebels recaptured oil ports and promised to resume exports. Much of Libya's oil exports go to Europe.

Benchmark crude had jumped 24 percent since mid- February as fighting in Libya squeezed off oil shipments that previously supplied nearly 2 percent of the world's oil.

How quickly the rebels could resume exports is unclear, as is who would risk buying the oil. The news was still enough to drop oil by $1.38 to $104.04 per barrel in morning trading on the New York Mercantile Exchange. In London, Brent crude fell 90 cents to $114.52 per barrel on the ICE Futures Exchange.

Meanwhile, retail gasoline prices continue to set records. The national average hit $3.584 per gallon overnight, and it's nearly $4.03 per gallon in California.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 118773769 - wndu.com/a?a=118773769
Gray Television, Inc.