(MENAFN- ProactiveInvestors) Brent crude remained steady in post-festive trading slipping just a shade beneath the US$60 per barrel in London trading on Monday thanks in part to supply disruption in Libya.
Blazing oil facilities in the Libyan port of Es Sider were the latest symbol of the fighting between government forces and militia group Libya Dawn.
As of Sunday it was predicted that almost 1 million barrels of crude had been destroyed and it is predicted that prolonged supply outages could be a boon to oversupplied oil markets.
Libya was producing around 580000 barrels per day according to recent estimates and as such it represents about a third of the anticipated surplus in oil demand.
This is especially so after crude’s 45% collapse since June 2014.
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