Brent crude rose to approximately $60 a barrel on Monday amid concerns about disruptions to Libyan output, according to Reuters. Libya is producing just 128,000 barrels per day, as port blockades and protests have caused output in the OPEC member nation to plummet from the 1.6 million barrels per day it was producing in 2011 before the removal of former prime minister Muammar Gaddafi.
A rocket attack last week on storage tanks at the port of Es Sider caused a fire that further harmed Libya's oil infrastructure.
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Brent was up 0.25% to $59.60 at 11:25 a.m., according to CNBC.
Separately, TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROBRAS-PETROLEO BRASILIER (PBR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."