Metals News
Oil Falls As Libya Supply Disruption Concerns Ease
data analysis
09:58AM
Mar 29,2011
Source:SMM

NEW YORK, Mar.29 -- Crude oil prices fell on Monday as Libya's rebel forces said to restore oil exports earlier than estimated, which eased the concerns about the lasting supply disruption.

The rebels, who regained control of a number of oil fields and terminals in eastern Libya over the weekend, have issued a shorter- than-expected timetable to restore the oil exports. And the U.S. Treasury official said it would not be the subject of sanctions.

The U.S. National Association of Realtors said on Monday its Pending Home Sales Index rose 2.1 percent in February, beating the economists' forecast and potentially boosting the outlook of U.S. economic recovery.

But uncertainties about quake-hit Japan and on-going crisis in debt-burden Europe dampened expectation about growth in oil demand, which pressured the markets.

And both in New York and in London, the trading volume was very low. Total U.S. crude volume was tracking two-thirds below the 30- day average and headed for the lightest volume of the year. Brent trading volume was 55 percent below the 30-day average.

Light, sweet crude for May delivery slipped 1.42 dollars to settle at 103.98 dollars a barrel on the New York Mercantile Exchange, after trading from 103.60 dollars to 105.76 dollars. In London, Brent crude for May delivery also fell and last traded below 115 dollars a barrel.

 

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