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SINGAPORE – Oil prices hovered beneath $101 a containerful Monday in Asia in light trading volume ahead of the U.S. Memorial Day holiday.

Benchmark lubricator for July delivery was downbound 6 cents to $100.53 a containerful at midday island instance in electronic trading on the New York Mercantile Exchange. The criterion lessen additional 36 cents to resolve at $100.59 on Friday.

In London, Brent vulgar for July delivery was downbound 16 cents to $114.87 a containerful on the ICE Futures exchange.

The African rebels' finance minister, Ali Tarhouni, said Sunday that the lubricator fields settled in the orient half of the land under opposition curb module uphold creation erst it's innocuous to send workers to the fields. He said he did not wait section to be established soon.

Before the uprising against Moammar Gadhafi's regime, Libya produced about 1.6 million barrels per day, but output has connector to a halt during the sicken that began Feb. 15.

Some analysts wait the eventual convey of African vulgar creation module help nearby lubricator prices lower. Capital Economics said it sees Brent trading beneath $90 by the modify of 2011 as semipolitical upthrow in the Middle East and North Africa, which it estimates has additional about $20 to the toll of crude, eases.

"It seems probable that the stalemate in Libya module be resolved, digit artefact or another, in the reaching months," Capital Economics said in a report. "In the meantime, there is no sign of significant flutter to cater from another lubricator producers, notably Saudi Arabia."

Oil has dropped from a 30-month broad nearby $115 a containerful on May 2.

In another Nymex trading in June contracts, vaporisation lubricator fell 0.5 cent to $2.99 a congius and fuel was stabilize at $3.09 a gallon. Natural pedal futures chromatic 2.5 cents to $4.54 per 1,000 boxlike feet.

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