The new front month July WTI contract is in familiar territory near $102. The usual suspects or factors are at work to support prices. There continues to be no progress in the revival of Libyan oil output, despite repeated deals being struck. The situation may be reaching a turning point, as attacks on militant strongholds is underway that may end the uprising. One thing to note, the oil infrastructure in Libya appears to be very much intact, and exports will rise rapidly, once the situation clears.
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