Abdulmagid Breish, the chairman of Libya’s $66 billion sovereign wealth fund, said it plans to hire external companies to manage about $11 billion of its assets under a restructuring plan.
West Texas Intermediate crude rose to trade above $104 for a fifth day as a report showed fewer Americans than forecast filed applications for unemployment benefits last week.
The tarmac weaves south from Algiers toward the oasis town of Ghardaia, linking an urbanized coast with the desert interior.
Brent crude traded near a six-week high amid concern that the escalating crisis in Ukraine will disrupt supplies. West Texas Intermediate rose for a second day.
Goldman Sachs Group Inc. will seek to have a $1 billion lawsuit by the Libyan Investment Authority thrown out before trial.
The following is a selection of the most important news affecting the oil market.
NATO bolstered the defense of frontline member states in eastern Europe, recommitting to its original mission of fending off Russia in the wake of President Vladimir Putin’s menace to Ukraine.
An oil tanker started loading crude at Libya’s eastern port of Hariga as the region exports oil for the first time since July after civil unrest decimated the North African country’s production and shipments.
Brent crude climbed to $110 a barrel for the first time in six weeks amid concern that the crisis in Ukraine is escalating. West Texas Intermediate advanced before weekly U.S. inventory data.
West Texas Intermediate crude fell from a five-week high on forecasts that U.S. inventories increased last week. Brent slipped as Libya prepared to resume exports from its Hariga terminal.
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