Brent crude oil rebounded, yesterday, and is holding the $106 level, while WTI continues to be weak, remaining below $105, nearing $104. The situation in Libya is the primary catalyst for the relative Brent crude strength. Even though exports are on the rise, production is said to be at 250k bpd, not 350k, as was reported late last week. US crude oil inventories continue to rise, and we see this week’s rise at 2.1 million barrels. The rise is attributable to the rising production levels and the diminished refining sector activity.
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