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Prices for WTI crude oil rising on speculation that escalating tensions in Libya would further disrupt supplies from the owner of the largest reserves in Africa. Meanwhile, the price of Brent crude oil fell moderately .
During the weekend in Libya suddenly increased political tensions . The country's authorities have accused the rebels and retired Army General in the preparation of a military coup. The chances of reaching a truce soon again began to decline sharply . Crude oil production in the country fell again to 200,000 bpd from 300,000 at the beginning of last week , compared with 1.4 million barrels per day last year.
Talks in Geneva between Iran and six world's leading countries , pro- actively minimize its nuclear program ended without any breakthrough agreements. Furthermore, Washington noted that until July is little time left to fulfill its obligations Islamic republic . As part of the agreements reached earlier Iran could increase oil exports to 1 million barrels per day , but now these volumes once again come under the threat of renewed sanctions.
Meanwhile, add that in Ukraine presidential election nearing , on the conduct may depend possible sanctions for Russia , the world's largest producer of energy resources. Russian supplies to the world market about 5 million barrels of crude oil per day and 2 million barrels of oil . U.S. President Barack Obama and French President Francois Hollande agreed that Russia would incur "significant" costs if it continues to destabilize the situation in Ukraine.
Hedge funds and other large speculators increased bullish bets on WTI at 3.9 percent - to 311,195 for the week ending May 13, according to U.S. Commodity Futures Trading Commission. It was the first increase in four weeks. We also add that money managers increased net bullish bets on Brent for the same period on 7525 contracts , or 4.5 percent, reaching its highest level in two weeks , according to ICE.
June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 102.73 per barrel on the New York Mercantile Exchange (NYMEX).
June futures price for North Sea Brent crude oil mixture fell 16 cents to $ 109.67 a barrel on the London exchange ICE Futures Europe.
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