Oil rose above $111 on South Sudan tensions

Oil rose above $111 on South Sudan tensions

Brent crude oil held steady above $111 a barrel amid thin trading ahead of the Christmas holiday as investors focused on ongoing refinery strikes in France and internal conflict in South Sudan.

Brent crude had edged up to $111.72 a barrel, while crude oil (WTI ) is trading high around $98.90.

Escalating tension and violence in South Sudan threatened the country's 245 thousands barrels per day (bpd) oil output.
This could add to the more than 1 million bpd of lost supply from Libya where key oil ports were closed by tribal protestors.

On the other hand, workers at three of  total  five oil refineries in France extended a strike over pay into an 11th day after  reaching an agreement  at the weekend to return to work.

 The conflict in South Sudan, France strike and production cuts in Libya are curbing global supply of the black gold.

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