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Crude oil jumps on news of Libyan pipeline blast

Published 12/26/2017, 10:39 AM
© Reuters.  Crude oil jumps on news of Libyan pipeline blast
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  • Crude oil moves higher to near two-and-a-half year highs, turning positive following the explosion at a pipeline in Libya which feeds the Es Sider terminal; U.S. WTI +1.5% at $59.37/bbl, Brent +1.4% at $66.20/bbl.
  • It is not yet clear what impact the blast will have on Libyan production, which has been recovering in recent months after being hurt for years by conflict in the country.
  • Elsewhere, Forties pipeline operator Ineos said Sunday it is making good progress toward a restart after a hairline crack forced a closure earlier this month; a restart now is expected early in 2018.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI
  • Now read: Crude Oil: The EIA's Monthly Production Report - What To Expect?


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