Reuters - Brent crude rose for a second day on Thursday to surpass $116 after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting longer-term damage on the country's exporting capacity.
“Targeting oil infrastructure is the easiest way to have demands met,” says Amrita Sen, chief oil analyst at Energy Aspects.
Infrastructure… the Middle East… disrupted oil exports…
It’s all part of a larger story, one that’s been relegated to the back pages of the mainstream coverage.
I’m talking about Libya.
By Ghaith ShennibTRIPOLI (Reuters) - Libyan Prime Minister Ali Zeidan said on Friday the government was safe and security under control, dismissing a statement by a senior army official calling for the parliament to be suspended and the armed forces to "rescue" the country.
By Kent Moors: Now that Muammar Gaddafi is about to be toppled from power in Tripoli, international oil majors are poised to stream back into Libya. Italian leader Eni S.p.A. (E) is already rushing back field specialists this morning to assess damage even before the smoke (or the politics) clears in the capital.
Reuters - Time Magazine's intelligence columnist reported on Tuesday that Libyan leader Muammar Gaddafi has ordered his security forces to sabotage the country's oil facilities, citing a source close to the government.
Now that the narrative of rising gasoline demand and a "strong summer driving season" is finally over, courtesy of gasoline stocks that just refuse to drop...
... and a glut in PADD1 that has never been greater...
Crude advanced in London as an attack on Libya’s biggest oil port and a U.S. pledge not to waver in nuclear talks with Iran emphasized risks to supply across the Middle East.
Brent climbed as much as 3.8%. The port of Es Sider wasn’t damaged in an attack by a plane belonging to Libya’s Islamist-backed government, the nation’s Petroleum Facilities Guard said. President Barack Obama’s national security adviser said the U.S. will assure Israel’s security and that negotiations are the best way to make sure Iran doesn’t get a nuclear weapon.
Ilya Naymushin/ReutersTOKYO (Reuters) - Oil prices extended declines on Monday amid projections that U.S. data is set to show a big rebound in crude inventories to offset an unexpected slump due to the impact of a tropical storm.
London Brent crude for November delivery was down 49 cents, or 1.0 percent, at $47.52 a barrel by 2246 GMT (6.46 p.m. ET) on Sunday after settling down 4 percent on Friday.
By Ulf Laessing and Feras BosalumTRIPOLI (Reuters) - More than 100 rockets fired in clashes between rival government-paid militia have knocked out a power plant in southern Libya, heightening the risk of summer blackouts, the electricity minister said on Tuesday.