Oil prices slip as Libyan production bounces

SINGAPORE: Oil prices slipped in Asian trade Tuesday as a rebound in Libyan oil production eased concerns about global supply, analysts said.

New York's main contract, West Texas Intermediate for delivery in September, was down four cents at $106.52 a barrel in afternoon trade, and Brent North Sea crude for September shed 13 cents to $108.57.

"Crude retreats as the Libyan exports are expected to resume next month," Kelly Teoh, market strategist at IG Markets in Singapore, said in a note.

Libyan petroleum minister Abdelbari al-Aroussi on Monday said production in the country's western oilfields had resumed after making progress in ending protests at its main shipping terminals.

Libyan oil exports had plunged by more than 70 percent after protesters, including policemen and border guards, forced the terminals to shut over demands for back pay.

Others insisted the chief of security for the terminals withdraw his resignation.