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February 5, 2015

Oil prices settle near $58 due to unrest in Libya

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

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.

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