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US oil ends near $107 in choppy session; Libya spurs gains

Oil workers North Dakota
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Crude rose on Tuesday in a choppy session, with U.S. oil settling under $107, after exports from Libya fell to their lowest in two years, heightening supply worries ahead of scheduled cuts in output from fellow OPEC member Iraq.

Striking security guards shut Libya's two biggest crude export terminals on Monday, hours after they had reopened, and more oilfields have closed in a wave of protest that has swept the North African oil producer.

Libya's deputy oil minister said exports could resume as early as Thursday after workers and local authorities reached an agreement to end the strike.

But the OPEC exporter said it could not make any promises to clients now about its deliveries of crude next month due to the on-off strikes.

Markets worried that supplies could be insufficient to meet demand due to restocking before the northern hemisphere winter.

U.S. light crude settled up 72 cents at $106.83 a barrel, after weaving between gains and losses. Brent crude oil futures for September rose 65 cents to trade near $110 per barrel.

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—Reuters with CNBC.com.