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Brent’s value increased today as disruptions in Libya sparked supply concerns, while oil demand is set to increase during the next few months.

Brent crude increased by 13 cents to $111.01 a barrel, while US crude dropped by 18 cents at $93.50, reported Reuters.

On Tuesday, oil workers, civil servants and private sector staff went on strike in the Libyan port city of Benghazi, protesting against deteriorating security, a day after clashes between the army and Islamist militants.

Libya’s union of oil workers deputy head, Saad Fakhri, administrative staff from Arabian Gulf and Ras Lanuf Oil and Gas Processing Company, both subsidies of National Oil, as well as other companies are taking part in the strike.

Oil products prices rise stemmed losses in the crude markets while refined fuels, including ICE gasoil, RBOB gasoline and heating oil, finished the session higher.

"Investors are waiting for US Energy Information Administration data which is scheduled for later today."

Heating oil remained firm throughout the session as cold temperatures boosted demand at a time when inventories were expected to drop.

The US crude futures extended losses after American Petroleum Institute (API) data revealed a 6.9 million barrel rise in crude oil inventories.

Investors are waiting for US Energy Information Administration data which is scheduled for later today.

The nuclear deal, reached in Geneva on Sunday, halts Iran’s most sensitive nuclear activity and suspends some sanctions imposed by the West, but caps Iran’s exports at the current level of about 1mmbpd.


Image: Brent’s value increased as ongoing unrest in Libya stoked supply fears. Photo courtesy of freedigitalphotos.net.

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