Oil capped near $97 on oversupply possibility

Oil capped near $97 on oversupply possibility

KUALA LUMPUR, Malaysia (AP) — Oil remained above $97 a barrel Thursday on lower U.S. stockpiles but concerns of oversupply in the Middle East capped gains.

Benchmark U.S. crude for January delivery was up 4 cents at $97.24 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract gained $1.16 to close at $97.20 on Wednesday.

The Organization of Petroleum Exporting Countries agreed Wednesday to maintain its daily production target of 30 million barrels a day.

However, it faces the prospect of overproduction after Iran announced plans to pump up to 4 million barrels a day once sanctions on its crude exports are lifted. Libya also hopes to increase output to 2 million barrels a day once unrest ebbs.

In all, OPEC members would have to reduce their production to keep prices from dropping sharply and hurting oil revenues that underpin their economies. This sparked concerns of a production war inside the cartel.

Jitters over the OPEC meeting offset positive news from the U.S. after the Energy Department said crude oil supplies fell by 5.6 million barrels, or 1.4 percent, last week, ending 10 straight weekly increases. The decline was more than four times bigger than analysts had predicted.

At 385.8 million barrels, the nation’s supply of oil is still 3.8 percent above year-ago levels.

Brent crude, a benchmark for international oils, was down 13 cents at $111.75 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.9 cent to $2.71 a gallon.

— Heating oil shed 0.2 cent to $3.057 a gallon.

— Natural gas fell 0.4 cent to $3.956 per 1,000 cubic feet.

Insight: Militia rivalries threaten new war in post-revolt Libya

Insight: Militia rivalries threaten new war in post-revolt Libya

Reuters) – When gunmen snatched Libyan Prime Minister Ali Zeidan from his Tripoli hotel last week, it was a rival armed militia he thanked for his rescue hours later.

Even for Libyans accustomed to their democracy’s unruly beginnings, the drama at the Corinthia Hotel was a startling reminder of the power former fighters wield two years after they ousted Muammar Gaddafi, and the dangers of their rivalry.

Police and troops from Libya’s nascent army were at the scene, but the former militiamen showed they are the arbiters in a struggle between rival tribal and Islamist leaders over the post-revolution spoils of the North African oil producer.

Between them, they have edged Libya close to a new war that threatens the democratic gains of the NATO-backed revolt.

Too weak to take back control of a country awash with Gaddafi-era weapons, Libya’s central government has been forced to try co-opt militias into semi-official security services over which it exercises little control.

“We want to build a state with an army, police and institutions, but there are some people who want to obstruct this,” Zeidan, still in his pyjamas, told reporters after his release, referring to critics in parliament who had been planning a vote of no confidence, accusing him of failing on security.

Tripoli has been spared the major militia clashes seen in the eastern city of Benghazi. But the standoff is evident; gunmen from two rival groups sit in pickup trucks mounted with anti-aircraft cannons in different parts of the capital.

In the east, the Libya Shield Force and Islamist militias drawn from anti-Gaddafi fighters based in the country’s fertile coastal areas and their commanders from Misrata city are entrenched at the Mittiga air base.

Across the city, powerful tribal Zintan militia, part of a loose alliance of mostly secular Bedouin groups from the desert interior, once recruited into Gaddafi’s security forces, control an area around Tripoli’s international airport.

CNN BUSTED, AGAIN! More Fake Video News from the Libya, Syria conflict

Quite interesting as I’ve never heard gunfire, especially live gunfire sound like fire crackers coming from the same distance while traveling AWAY in a speeding car, mind you, the ‘gunfire’ isn’t even muffed while they’re video taping inside the car!

Downloaded & Re-Uploaded From:

http://www.youtube.com/UKBLIVE

Original Description:

The media are now so fake that they don’t even bother to edit the footage to sound correct, they never tell the truth of what is really going on. ALL Media is manipulated to show a false reality, don’t believe me look for yourself I have and it only showed me how true all the manipulation is.

If you are in a position and you are being told to do anything where you have the slightest question then speak out because its your children future also.

DO NOT ASSUME YOU WILL BE OK if you live in the west… IT IS YOUR TURN SOON

See This Video about a top intelligence annalist from Yorkshire who stood his ground and lost his job over the truth behind 9/11 % 7/7 false flag staged attacks …wake up sheeple, the time is now before its too late..

UK Intelligence Analyst Tony Farrell sacked for doing his job
http://www.youtube.com/watch?v=9foKzd..