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OIL: Oil Prices Steady After Reaching Highest Level In Two Weeks
 
Oil prices slipped on March 30 after two days of increases as bloated U.S. inventories limited the impact of supply disruptions in Libya and lower output from other OPEC exporters.

Brent crude oil was down 30 cents at $52.12 a barrel (bbl) by 4:45 a.m. CT (9:45 GMT). U.S. West Texas Intermediate crude oil was 10 cents lower at $49.41.

Both benchmark crude contracts rose more than $1/bbl on March 29 to their highest levels for two weeks, rebounding from four-month lows. The futures contracts appeared to be searching for a new trading range, brokers said.

"There is a significant chance that a short-to-medium-term bottom has been found," said Tamas Varga, analyst at London brokerage PVM Oil Associates.

Oil production in Libya has fallen more than 250,000 bbl/d this week as output from its western oilfields of Sharara and Wafa has been blocked by armed protesters.

Source