REFILE-NYMEX-U.S. crude holds above $102 on Libya, other risks

Sun May 18, 2014 8:58pm EDT

Related Topics

(Removes extraneous letter in headline)

SEOUL May 19 (Reuters) - U.S. crude oil futures hovered above $102 a barrel on Monday in early Asian trade, supported by concerns over oil output in Libya and other geopolitical tensions that could disrupt oil production.

FUNDAMENTALS

* U.S. crude rose 3 cents a barrel to $102.05 as of 0036 GMT, after the contract settled 52 cents a barrel higher in the previous session.

* Brent crude also gained 10 cents a barrel at $109.85 after it ended 66 cents higher at $109.75.

* Heavily armed gunmen loyal to a renegade Libyan general stormed parliament on Sunday demanding its suspension and a handover of power to purge the North African country of Islamist militants.

* Libya's El Feel oilfield has been shut again by protests, and its El Sharara field remains closed, bringing national oil output down to around 200,000 barrels per day (bpd), an official at the National Oil Corporation said on Friday.

* Last Monday, the government said it was bringing western oilfields and pipelines back up after reaching a deal with protesters, but delays have kept national production way off the 1.4 million bpd Libya produced last year.

* The conflict in Ukraine remained a background support as U.S. President Barack Obama spoke with French President Francois Hollande about the situation in Ukraine on Friday and the two agreed Russia faces "significant" further costs if it continues provocative and destabilizing behavior, the White House said.

* The West should impose tougher sanctions on Russia, which is waging a "hidden war" in eastern Ukraine, Ukraine's acting Foreign Minister Andriy Deshchytsia said in an interview with German newspaper Die Welt.

* Russia, meantime, is ready to discuss a gas price discount for Ukraine if Kiev pays off more than the $2.2 billion it owed as of April 1, Energy Minister Alexander Novak said on Friday, as both sides seemed to edge toward a potential compromise.

* Iran and six world powers made little progress this week in talks on ending their dispute over Tehran's nuclear programme, U.S. and Iranian officials said on Friday, raising doubts over the prospects for a breakthrough by a July 20 deadline.

* A suicide car bomber killed five people on a street of popular bars and restaurants in the northern Nigerian city of Kano on Sunday evening, in an area mostly inhabited by southern Christians, police said.

* U.S. housing starts jumped in April and building permits hit their highest level in nearly six years, offering hope the troubled housing market could be stabilizing.

* A separate report on Friday showed consumer sentiment falling in May on worries over income growth, tempering the housing data's upbeat signal on the economy.

* Growth in average new home prices in China slowed to a near one-year low in April, official data showed on Sunday, adding to concerns about the weakness of the property market and what policymakers can do if prices start to fall too sharply.

MARKETS NEWS

* Global equity markets turned higher in a late-day rebound on Friday after being down most of the session on concerns about economic growth, while government debt prices fell on surprisingly strong U.S. housing data.

(Reporting by Meeyoung Cho; Editing by Richard Pullin)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.