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.
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.
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.
Brent crude oil rose towards US$110 per barrel on Tuesday after oil exports from Libya fell to their lowest for two years, heightening supply worries ahead of scheduled cuts in output from fellow OPEC member Iraq.
Striking security guards shut Libya’s two biggest crude export terminals on Monday, hours after they had reopened, and more oilfields have closed in a wave of protest that has swept the North African oil producer.
Armed groups, demanding autonomy for eastern Libya, have invited foreign companies to buy oil from ports they have seized in defiance of the central government in Tripoli. As Reuters reports, "If a ship docks in one of the closed ports," warned Libya's defense ministry, "then we will destroy it," but the group, led by tribal leader and 2011 civil war hero Ibrahim Jathran, shrugged off Tripoli’s warning, stating "we welcome global oil companies ...
LONDON — Brent crude surged to a six-month high on Wednesday as western countries prepared to attack Syria, raising concerns over the security of oil supplies across the Middle East, which pumps a third of the world’s oil.
The United States and its allies are readying for air strikes against the forces of President Bashar al-Assad, blamed for poison gas attacks last week. But the timing of any action was unclear.
Crude headed for a seventh weekly advance in New York, the longest run of gains in almost four years, amid signs of global economic growth and concern that oil facilities in North Africa are vulnerable to militant attacks.