Brent crude oil rose above $109 a barrel on Tuesday after oil exports from Libya fell to their lowest for two years, heightening supply worries ahead of scheduled cuts in output from fellow OPEC member Iraq. Striking security guards shut Libya’s two biggest crude export terminals on Monday, hours after they had reopened, and more oilfields have closed in a wave of protest that has swept the North African oil producer. Libya’s deputy oil minister said exports could resume as early as Thursday after workers and local authorities reached an agreement to end the strike.
Guar seed hits 21-month low on higher supply
Guar seed futures extended the previous session’s losses on Tuesday to their lowest level in 21 months on expectations of bumper production due to higher area under cultivation and conducive weather. * The National Commodity and Derivatives Exchange was down 0.50% at R4,020 per 100 kg, after touching a low of 3,960 rupees earlier in the day, its lowest since November 2011.
* “Carry forward stocks are higher. In such a situation farmers are increasing acreage in Rajasthan. Weather is favourable,” said Badruddin Khan, associate vice-president of research at Indiabulls Commodities.