Brent crude oil fell over 1% in London trading Friday to hit 107.50 a
barrel, as Libya resumed some production after disruptions.
"We saw earlier today in Libya that there has been a bit of a
pick up in production...Any decrease in supply outages will have a
negative effect on [the price of] Brent," said Ole Hansen, an analyst at
Saxo Bank.
Brent crude is used as a global benchmark and widely
exported, so is more affected by geopolitical issues than its U.S.
counterpart, West Texas Intermediate. WTI was down 73 cents, or 0.75%,
at $95.66 a barrel.
The strength of the dollar, which saw gains Thursday and held
onto them today, also affects the global price of oil. As oil is priced
in dollars, a stronger U.S. currency makes the commodity more expensive
for the rest of the world and could slow buying.