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.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.