Oil Futures End 3.8% Higher On Libya, Brazil Production Worries
Crude-oil futures rebounded Tuesday, buoyed by diminished production in Brazil and a port blockage in Libya. Nymex West Texas Intermediate oil for December delivery rose $1.76, or 3.8%, to settle at $47.90 a barrel. Libya's oil produciton will drop by about 70,000 barrels a day to less than 400,000 barrels a day after an export terminal was blocked by an armed militia, according to The Wall Street Journal. Also, a strike by Brazil's largest public-sector union is taking a toll on production in that country.
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