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Brent Crude Prices Are Dropping

Rob WileApr 7, 2014, 17:12 IST

Wikimedia

Brent crude futures are down more than 1% this morning on reports Libya plans to open four oil terminals that had been shuttered over territorial disputes.

200,000 barrels will be released immediately, the Wall Street Journal's Cassie Werber reports. The release date on the other two terminals is still under negotiation. June contracts were down to $105. Three-quarters of Libya's 1.4 million barrel a day production capacity had been taken out of circulation as the country continues to settle out following the 2011 revolution. Here's the chart:

UBS