Crude prices flat on ample supplies

Crude prices steadied Monday as market expected more crude supplies from Libya.

Several Libyan oil ports were reopened recently for crude ships. Market expected several hundred thousand barrels of Libyan crude will soon pour to the market, adding pressure on crude prices.

Libyan production has been severely disrupted for a year as the rebels has blocked several oil ports. Traders said the reopening of the ports will help Libya export 500,000 barrels more crude per day.

Crude prices suffered sharp decline last week on Libya supplies. Some analysts believed crude prices could consolidate after the recent steep decline as the situation in Libya remained uncertain.

Concerns over a possible disruption in Iraq eased. Despite the escalating violence, tensions in the market are fading as crude production from the southern Iraq has not been impacted.

Investors were also looking for some important economic events this week. U.S. Federal Reserve Chair Janet Yellen will conclude a testimony before Congress Wednesday.

Light, sweet crude for August delivery moved up 8 cents to settle at 100.91 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained 32 cents to close at 106.98 dollars a barrel.