LONDON: Global oil prices weakened on Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya, analysts said.
New York's West Texas Intermediate (WTI) for delivery in May dipped 47 cents to $100.67 per barrel.
Brent North Sea crude for May dropped $1.14 to $105.58 a barrel in early afternoon London deals.
"News from Libya (is) weighing on the prices," said Commerzbank analyst Carsten Fritsch.
"At the weekend, the government there agreed with rebels that the four oil terminals in the east of the country which have been occupied by rebels for eight months now will be opened step by step.
"Two smaller terminals with a combined export capacity of 200,000 barrels per day will open immediately. The two larger ports, with a capacity of 500,000 barrels per day, are to follow suit in four weeks at the latest after further talks."
The announcement of a deal to reopen the Zueitina and Al-Hariga terminals was made in Zueitina in the presence of government members and rebel chief Ibrahim Jodhran.
The two sides have set a target of two to four weeks for a reopening of the other two terminals under blockade at Ras Lanouf and Al-Sidra.
Tan Chee Tat, investment analyst at Phillip Futures in Singapore, said Brent prices are facing downward pressure as the lifting of the blockades in Libya puts more supplies into the market.
"There are more indications that the negotiations are likely to achieve a breakthrough, resulting in further trimming of prices," Tan told AFP.
WTI prices were lower Monday as investors booked profits from gains last week in response to a positive jobs report in the United States, the world's biggest oil consuming nation.
The Department of Labor said the economy added 192,000 jobs in March, essentially meeting expectations and suggesting a continuation of the trend of slow but steady improvement.
"WTI gained quite a lot over the weekend, quickly rebounding back to above $100, although at the level of $101, it has led to some booking of profits resulting in the current losses," Tan said.
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