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OIL COLUMN – Brent crude hangs just above US110

Published: 23:35 27 May 2014 AEST

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Brent crude futures hang just above US$110 as geopolitics continued to take centre stage for oil traders.

Whilst the successful completion of elections in Ukraine had been seen as positive, there are still reports of violence between the country’s opposed factions.

At the same time the scale to which Libya can recover its oil exports is still in doubt, as its post-election uncertainties continue – protestors have reportedly rejected the new Prime Minister.

Libya is currently selling around 140,000 barrels of oil per day, compared to historic levels of about 1.4mln barrels a day.

Meanwhile, comments from a StatOil executive claimed Europe’s energy security was actually “better than ever”, despite the ructions over Ukraine, because of the industry’s diversification efforts in the recent past.

Elsewhere, Tuesday’s usual oil inventory stats are coming tomorrow – a day later than normal – after markets were closed for America’s Memorial Day, a series of other economic stats figures, including durable goods, PMIs and consumer confidence.

In London trading, Brent Crude is down 20 cents to US$110.10 whilst West Texas Intermediary futures were down 26 cents to US$104.

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