Oil Market News Directory

Brent Crude Gains Tempered by Libyan Port Openings

Reuters reported today that U.S. Benchmark Brent crude oil prices increased to their highest on almost six weeks on expanding sanctions against Russia over issues in Ukraine. However, the price rise was halted with news of the first oil tanker being reloaded on Tuesday at Libya's Hariga port after a month long closure.

Libyan Rebels Agree to Gradually Reopen Oil Ports

Reuters reported this morning that the Libyan government has reached an agreement with rebels to end an oil port deadlock that has lasted for eight months. The port seizure, initiated by federalist protesters, has cost the Libyan economy billions of dollars so far.

US Special Forces Intercept Libyan Oil Tanker

Reuters reported that a tanker carrying a cargo of oil has been seized by US special forces. The tanker "fled ... from a Libyan port controlled by anti-government rebels," and those controlling it had hoped to sell the fuel on the global market.