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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