Oil slips towards $103 on Libya rebel moves

FE Team | Published: March 30, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

SINGAPORE, Mar 29 (Commodity Online): Global oil prices eased again Tuesday and hovered near $103 after reports said Libyan rebels planned to restart oil exports soon. Light sweet crude for May delivery was seen trading at $103.38 a barrel at 1pm, Singapore time, while Brent crude was at $114.04 a barrel in London. Reports added that Qatar had agreed to market crude oil produced from east Libyan fields no longer in Muammar Gaddafi's control. Qatar has recognised the rebel Libyan National Council as the sole legitimate representative of the Libyan people, the Qatari state news agency reported. Rebel forces in Libya, Africa's largest oil reserves holder, advanced against Qaddafi's troops, bolstering speculation the conflict may be resolved soon.