Re-opened Libyan oil fields leads to vacillation of oil price

Oil has settled higher after dollar fluctuations and the restart of some Libyan oil fields caused the market to vacillate or fluctuate, with prices testing lower before rallying to levels just below three-year highs.
Brent crude futures for March delivery settled up 42 cents, or 0.6 percent, at $69.03 a barrel, after earlier rallying to $69.51. Brent on January 15 had hit $70.37, the highest since December 2014.
U.S. crude rose 12 cents, or 0.2 percent, to close at $63.49 a barrel.
The dollar index, which measures the greenback against six rival currencies retreated to near a three-year low, but pared losses as the U.S. government shutdown appeared poised to end. The index drifted lower again late in the session, weighing on crude a second time.
Supportive to the market were comments from top exporter, Saudi Arabia, that the Organisation of the Petroleum Exporting Countries and other producers would continue to co-operate on oil output cuts beyond 2018. The deal began in January 2017.
Saudi Energy Minister, Khalid al-Falih, said that market rebalancing might not occur, until 2019, suggesting it would take longer than OPEC had previously indicated.
Global economic growth was also helping prices by driving up demand.
“Global growth has become synchronised and accelerated above trend,” U.S. bank, Morgan Stanley, said in a note.

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