Crude exports will resume from Es Sider, the country’s biggest oil port, and Ras Lanuf, the third-largest, and which have been closed since 2014, Ibrahim al-Jedran, a regional commander of Libya’s Petroleum Facilities Guard, said in a phone interview. The exports will be under the authority of the Tripoli-based Government of National Accord, which is seeking to reunify the divided country, he said. Some “minor technical problems” related to the transportation network between the oil storage tanks and the Es Sider and Ras Lanuf oil ports due to damage, inflicted during clashes since last year, will be fixed within a few days, al-Jedran said. “The oil ports are now safe after Islamic State pulled back away from them toward Sirte,” he said. “The petroleum guards are now capable of guaranteeing the safety and security of oil tankers seeking to use the ports.”
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Oil advanced for a fourth day in New York, its longest run of gains in a month, on estimates that U.S. crude inventories continued their decline from record levels seen earlier this year. Futures added as much as 1.2 percent after rising 2 percent in the previous three sessions. Inventories probably dropped by 2.25 million barrels last week, a Bloomberg survey shows before an Energy Information Administration report Wednesday. As crude stockpiles have declined from their March peak, U.S. output has kept rising and shale producers in the Permian basin will be able to make money even if the price falls to the mid-$20s, according to Scott Sheffield, chairman of Pioneer Natural Resources Co. Click Read More below for additional detail.
Crude oil prices rose on Friday for the first time in seven days, but trading remains volatile less than a week before Britain goes to the polls over the country's EU membership. Brent crude futures were up 69 cents at $47.88 a barrel at 0903 GMT after slumping 3.6 percent in the previous session. U.S. West Texas Intermediate crude futures rose 46 cents to $46.67 a barrel. The contract fell 3.8 percent in the previous session. Both contracts are on track to fall around 5 percent this week.