The price of Brent crude oil settled just above $58 a barrel on Friday due to unrest in Libya.

Reuters reported that Brent crude futures increased $2 before settling at $58.23, while US crude for March delivery traded at $52.13 per barrel.

"Oil firms and their assets have been targeted in the violence in Libya, increasing concerns surrounding the country’s oil exports."

Prices remain around 50% below their peak from mid-2014, with no signs of an immediate recovery due to increasing worldwide inventories and stable supply from OPEC.

Prices received support from concerns about reduced production from Libya, expectations of stronger US jobs data and additional declines in the US oil-rig count.

Oil firms and their assets have been targeted in the violence in Libya, increasing concerns surrounding the country’s oil exports.

Olivier Jakob of Petromatrix was quoted by the news agency as saying that troubles in Libya are positive for oil prices and he expects a bullish impact from a report on US oil rigs that showed the largest decline in nearly 30 years last week.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

A strike by the United Steelworkers (USW) union at nine US refineries continued for a sixth day after the union rejected the latest contract offer from Royal Dutch Shell.