Brent crude oil recorded an increase of close to 110 dollars a barrel in Asian trade on Wednesday, sparked by the crisis in Libya, a country rich in oil, analysts said. In morning trade, Brent North Sea crude oil for October delivery rose 50 cents to the position of 109.81 U.S. dollars per barrel compared to Tuesday's close 109.31 dollars per barrel. New York's main contract, light crude West Texas Intermediate (WTI) also delivery in October climbed 18 cents to 85.61 dollars per barrel. Brent is more affected than the WTI by the crisis situation in Libya for about 85 percent of Libya's oil production is exported to Europe.
Optimism that Libya's oil production will return to levels before the crisis quickly evaporated as an event that North African country will take longer than expected to obtain a variety of facilities to be ready to operate.
"The fact is that not only tightening but the realization that at least takes one year to return to the initial production of 1.6 million barrels per day," said Jim Nicholson, the regional vice president of Argus Media.
Earlier Libya produces about 1.6 million barrels per day and 1.3 million are exported.
Optimism that Libya's oil production will return to levels before the crisis quickly evaporated as an event that North African country will take longer than expected to obtain a variety of facilities to be ready to operate.
"The fact is that not only tightening but the realization that at least takes one year to return to the initial production of 1.6 million barrels per day," said Jim Nicholson, the regional vice president of Argus Media.
Earlier Libya produces about 1.6 million barrels per day and 1.3 million are exported.
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