Brent crude advanced as escalating tensions between Ukraine and Russia, the world’s biggest energy exporter, offset the potential for increased Libyan supply. West Texas Intermediate traded between gains and losses.
Libyan rebels surrendered control of two oil ports to the government, potentially enabling the OPEC member to triple crude exports this month with an increase of at least 180,000 barrels a day. Brent futures dropped.
The Swedish billionaire who took control of the world’s fourth-largest oil trader last week buying out his Russian co-founder may soon look for a new partner. He says the ownership is too concentrated.
Hess Corp., the energy company that recently settled a proxy fight with Paul Singer, began the sale of its oil-terminal network and is seeking $1 billion for the asset, said people familiar with the matter.
Hariga, the biggest oil terminal in east Libya run by the central government, can’t export because gunmen nearby pose a threat to tankers, the port’s inspection and measurement coordinator said. Curbs on the sales helped lift crude prices to a six-month high last year.