Energy Security
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Oil
prices rebound after sharp decline
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English.news.cn
2014-12-31 05:38:41
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NEW YORK, Dec. 30
(Xinhua) -- Oil prices gained Tuesday as traders started to buy in following a
sharp decline in the previous session.
Meanwhile, the
production disruptions in Libya also helped boost the crude prices. According
to the state-run National Oil Corp., Islamist militias on Friday attacked the
country's largest petroleum port Es Sider, setting several tanks on fire.
Following the assault,
oil production in Libya reportedly fell at least 65 percent from a recent high
of 850,000 barrels a day in October.
However, worries over a
supply glut still exerts downward pressure on oil prices.
The Energy Information
Administration reported last Wednesday that U.S. crude stockpiles added 7.3
million barrels to 387.2 million barrels of the prior week ended Dec. 19, the
highest level since June.
Meanwhile, OPEC, which
pumps a third of world oil, decided to maintain its collective output quota at
30 million barrels a day at the Nov. 27 meeting in Vienna.
Light, sweet crude for
February delivery gained 0.51 U.S. dollars to settle at 54.12 U.S. dollars a
barrel on the New York Mercantile Exchange,while Brent crude for February
delivery increased 0.02 dollars to close at 57.9 dollars a barrel.
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