Brent rose 3 cents to $110.67 a barrel by 0642 GMT, near a more than three-week low of $110.51 hit earlier. State-run National Oil Corp lifted force majeure from the major eastern Ras Lanuf and Es Sider oil ports after rebels agreed last week to end a blockade to press financial and political demands. But geopolitical tensions in Iraq and Ukraine should continue to underpin oil prices. Brent hit this year's high above $115 in June when fighting broke out in northern Iraq. "There is still uncertainty in Iraq and Ukraine, supporting oil prices at these levels," Hasegawa said, adding that Brent could easily test the year's high if there was any sign of supply disruption.

Source: Libya Today May 29, 2024 06:37 UTC