Brent climbs towards $111 on North Sea, Libya worries

By International Business Times,  September 21, 2012, 04:43:51 AM EDT

(Reuters) - Brent crude rose towards $111 on Friday, extending its gains from a 1-1/2 month low hit in the previous session, as Libya's precarious security situation and lower North Sea production stoked supply fears.

OPEC member and Africa's third biggest producer Libya swiftly ramped up oil output after last year's revolution, but an assault last week on the U.S. consulate heightened fears about the new government's ability to impose its authority, and this is likely to delay the already-slow return of expatriate oil workers to the country.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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