Agence France-Presse. Singapore
Brent crude oil rose to nearly $110 a barrel in Asian trade Wednesday, strengthened the connection of Muammar al-Gaddafi with the crisis in the oil-rich Libya after rebels overrun, said analysts.
The Treaty has steadily increased over the last two days after the initial euphoria, the Libyan oil production would return, verdunstet to levels pre-revolt as there will be the country's facilities take some time to go back online.
Brent North Sea crude oil for October afternoon delivery trade enabled lower diving nine cents on $109.22, but analysts said the General trajectory for prices trend higher.
Monday's message that Gaddafi could rule soon to end, prices to under $106 dropped.
New York's main contract, West Texas intermediate light sweet crude for October settlement, facilitated 26 cents to $85.18 per barrel.
Brent is affected the European markets more than WTI the situation in Libya as oil from the North Sea and Libya are used.
About 85 percent of Libyan oil production was exported to Europe, until the revolt of the country disrupted production six months ago.
"The fact that not only the fighting not over, but the realization that it takes at least a year to get the production back to 1.6 million barrels per day, Brent has the effect on that," said Jim Nicholson, regional Vice President with Argus Media energy market News Publisher.
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