Four top ports in oil-rich Libya remained shuttered on Friday, prompting Brent crude oil futures to mark their top gains in about 14 days on Friday, according to Bloomberg.
Only two of the North African nation's six biggest ports are open for business. The country with the African continent's biggest reserves of oil generated roughly 210,000 barrels of oil per day last month, which matches production from November.
"In Libya, we have seen a few hopes being quashed over the past couple of months," head of commodity strategy Ole Hansen with Saxo Bank A/S in Copenhagen told the news source on Friday. "It's a bit like Jerry Maguire saying, 'Show me the money.' In other words, is this latest news going to spread to the important east, which is still blocked."
At 11:30 a.m. on Friday, Brent crude oil futures fell 0.74 percent, an 80-cent loss to $106.98 per barrel. At 11:29 a.m., West Texas Intermediate crude oil futures dropped 0.93 percent, an 89-cent slide to $94.55 per barrel.
Reuters reports anticipations are high that Libya will boost production of the energy commodity.
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