(Reuters) Brent crude edged up on Friday to hold above $106 a barrel, but stayed on track for its biggest weekly fall in three months as Libya’s major oil ports could open in days and boost supplies.
Libya has seen evidence of “good intentions” at indirect talks with eastern rebels which could lead to the lifting of their eight-month blockage, although divisions in the rebel camp may complicate matters.
May Brent crude rose 17 cents to $106.32 a barrel by 0713 GMT. It was down 1.6 percent so far for the week, on course for its steepest weekly loss since losing nearly 5 percent in the week to Jan. 3.
U.S. crude for May delivery gained 31 cents to $100.60 a barrel. Front-month prices are set to post their first weekly loss in three weeks.
The restart of Libya’s eastern oil ports could release about 600,000 barrels per day (bpd) of crude, bumping up the OPEC producer’s output from around 150,000 bpd, but still far from the 1.4 million bpd it produced last July.