The Brent prices rebounded to USD 116 as intense fighting in Libya stoked more supply worries. Upmove has been seen in Nymex prices as well after they slipped overnight on higher inventories.
The fighting continued to intensify around the Libyan port of Ras Lanuf, which is bracketed by two of the country's most important petrochemical complexes. Gaddaffi's forces resorted to air strikes in an attempt to recapture the area.
Libyan oil output is down by more than two-thirds from 1.6 million barrels per day to just 500,000 currently.
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