The commodity prices of Brent crude in world commodity market and at MCX and NCDEX is rebounded to USD 116 due to intense fighting in Libya stoked more supply worries. Upmove has been seen in Nymex prices as well after they slipped overnight on higher inventories.
The fighting continued around the Libyan port of Ras Lanuf, which is bracketed by two of the country's most important petrochemical complexes. Gaddaffi's forces resorted to air strikes in an attempt to recapture the area.
Libyan oil output is down by more than two-thirds from 1.6 million barrels per day to just 500,000 currently.
Thus the commodity prices for commodity crude oil is increasing much more.
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