London — Oil prices slipped on Thursday after two days of increases as bloated US inventories limited the impact of supply disruptions in Libya, and lower output from other Opec exporters. Brent crude oil was down 30c at $52.12 a barrel by 9.45am GMT. US crude oil was 10c lower at $49.41. Both benchmark crude contracts rose more than $1 a barrel on Wednesday to their highest levels for two weeks, rebounding from four-month lows. The futures contracts appeared to be searching for a new trading range, brokers said. "There is a significant chance that a short-to medium-term bottom has been found," said Tamas Varga, an analyst at London brokerage PVM Oil Associates. Oil production in Libya has fallen more than 250,000 barrels per day (bpd) this week as output from its western oil fields of El Sharara and Al Wafa has been blocked by armed protesters. The reduction in Libyan oil output has coincided with attempts by oil cartel Opec to tighten supply to support prices. A Reuters survey sho...
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