Policy: Environment & Energy

Oil prices down after Libyan deal

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News,Business,Energy and Environment,Libya,Oil

Oil prices fell Monday after reports that a Libyan militia agreed to reopen some oil terminals, possibly boosting global supplies.

Benchmark U.S. crude for May delivery was down 53 cents to $100.61 a barrel at 0915 GMT in electronic trading on the New York Mercantile Exchange. The contract gained 85 cents to close at $101.14 on Friday. The price has vacillated around $100 per barrel for most of the past month.

Brent crude, used to set prices for international varieties of oil, sank 93 cents to $105.78 a barrel on the ICE exchange in London.

The official Libyan news agency said the country's main militia in the east agreed to hand back control of four oil terminals it captured and shut down last summer to demand a share in oil revenues. The shutdown has cost Libya millions of dollars.

Under the deal reached late Sunday, the militia would immediately hand over two terminals to the national government and return two others in a few weeks.

In other energy futures trading in New York:

— Wholesale gasoline fell 1.7 cents to $2.914 a gallon.

— Natural gas rose 6.1 cents to $4.50 per 1,000 cubic feet.

— Heating oil shed 1.7 cents to $2.891 a gallon.

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