Benchmark oil for October delivery was up 60 cents to $85.02 at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose $1.86 to settle at $84.12 on Monday.
In London, Brent crude for October delivery was up 47 cents to $108.83 on the ICE Futures exchange.
Crude fell in early trading Monday amid reports rebels were about to capture Tripoli and had arrested two of Gadhafi's sons. However, one of the sons, Seif al-Islam, later appeared free in front of a cheering crowd of Gadhafi supporters, putting into doubt who controlled the capital.
Analysts were also questioning how fast Libya's oil production could recover should rebels take power. Fighting since February has cut the OPEC nation's crude output to 60,000 barrels a day from 1.5 million, and the country's oil infrastructure has been damaged.
Goldman Sachs said it was sticking by its forecast that Libya's oil production will average 250,000 barrels a day next year.
"It will be challenging to bring the shut-in production back online," Goldman Sachs said in a report. "We don't change our production forecast until we have more clarity on the situation."
Other analysts are more optimistic. Libyan crude output will likely return to pre-war levels in the first half of next year, said Richard Soultanian of NUS Consulting.
"With the new regime entirely dependent on oil revenues, the momentum to get facilities operational will be overwhelming," energy consultant Cameron Hanover said in a report. "In order for this new democracy to attract enough support, it will need to get oil flowing right away."
In other Nymex trading for October contracts, heating oil rose 1.0 cent at $2.93 per gallon and gasoline futures added 1.0 cent to $2.72 per gallon. Natural gas for September delivery gained 0.1 cent to $3.89 per 1,000 cubic feet.
Nymex crude oil prices 23-8-2011, oil futures prices august 23 2011, Brent crude prices august 23 2011, oil prices predictions september 2011, oil prices forecast september 2011. For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
oil
- crude oil futures prices today have advanced
- WTI Crude Oil prices expected october 23 2012
- Crude oil futures forecast week oct 15-19 2012
- Crude oil futures prices october 2 2012
- Technical prediction Crude oil october 1-5 2012
- Crude oil futures prices september 28 2012
- Crude oil futures prices september 27 2012
- Crude oil futures prices down september 26 2012
- crude oil futures prices for 25/9/2012
- Why Crude oil futures down september 24 2012
- Crude oil prices for week september 24-28 2012
- India fuel consumption august 2012
- Crude oil futures prices for 9/21/2012
- Why Crude oil prices down september 18 2012
- Crude oil prices forecast september 17-21 2012
- Crude oil futures fell september 11 2012
- Crude oil futures down september 10 2012
- Crude oil prices for september 10-14 2012
- Crude oil futures september 3 2012
- Crude oil futures prices forecast september 3-7, 2012
- EIA expects oil prices for 2012 - 2013
- Crude oil price forecasts 2012 - 2013
- Brent crude futures ahead of Bernanke speech 8/31/2012
- Crude oil futures prices outlook 8/31/2012
- Crude oil futures prices outlook 8-30-2012
No comments:
Post a Comment