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Oil prices got a temporary boost Monday from fresh concerns over Libya's ability to bring oil to market, but prices reversed and U.S. crude futures hit a new five-year low.

The Libyan crisis escalated as the conflict among militias roiled the OPEC-member nation. The strife could create a turning point in the monthslong rout of the oil market that has seen prices plunge as much as 50 percent, Francisco Blanch, head of commodities at Bank of America, told CNBC's "Squawk on the Street" on Monday.

"I do think Libya is a very important supplier. The return of Libya is what started the rout downwards in the first place, so I think if we do see Libya offline for the majority of 2015, it could provide a lot of support to prices here," he said.

But the glut of oil in world markets has been weighing on markets, and OPEC has vowed not to cut production as prices fall. "The market continues to react to the oversupply in crude oil and the reiteration by the Saudis that they're not cutting production," said Andrew Lipow, president of Lipow Oil Associates.

West Texas Intermediate futures for February fell to $53.12 per barrel, breaking through an earlier 2014 low and its lowest price since May 2009.

"We're going to see $50 in the next couple of weeks for WTI," Lipow said. "This could be the first December since 2005 that crude inventories will have risen, when we normally expect a drawdown as oil companies meet their LIFO targets."

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Libya may be oil turning point: Pro

TRIPOLI, Libya, Dec. 30 (UPI) -- With fighting ongoing in and around Libya oil export facilities, German energy company Wintershall said it had to suspend operations until further notice.

"Wintershall traditionally transports oil produced in the Libyan desert to the export facilities in the coastal towns of Ras-Lanuf and Zuetina," the German company said in a Monday statement. "Wintershall does not deliver oil to Es Sider, where export facilities are on fire at this time after intense fighting."

The U.N. Support Mission in Libya during the weekend called on all parties involved in the fighting to work together to end what it said was a cycle of violence spiraling quickly toward war.

Oil storage depots at the Es Sider port caught fire during weekend fighting. Ahmed al-Mismari, a spokesman for the Libyan military, said airstrikes targeted militants with the Libya Dawn brigade.

"This morning, two aircraft carried out an airstrike at Es Sider, but they were repulsed by anti-aircraft fire from the ground," he told the Libya Herald.

The state-run National Oil Corp. confirmed as many as five of the 21 tanks storing oil at the site are in flames, which represents about $100 million worth of crude oil.

Oil export facilities in Libya have been closed due to violence since at least mid-December. Prior to civil war in 2011, Libya was producing around 1 million barrels of oil per day.

For Wintershall, which was only able to get operations going in September, output was around 35,000 bpd.

2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

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Wintershall shuts oil operations in Libya

TRIPOLI, Libya, Dec. 29 (UPI) -- Around $100 million worth of crude oil has gone up in flames as a result of a blaze burning at a tank storage facility in Libya, the government said.

Militants with a group calling itself Libya Dawn launched attacks last week on the port of Es Sider, leaving oil storage depots in flames and at least 19 soldiers dead.

The state-run National Oil Corp. confirmed as many as five of the 21 tanks storing oil at the site are in flames, which represents about $100 million worth of crude oil.

The storage depot is next to the Ras Lanuf terminal, which has suffered several outages as opposing Libyan forces struggle to fill a power vacuum left over when the regime of Moammar Gadhafi collapsed during civil war in 2011.

The U.N. Support Mission in Libya condemned the violence.

"UNSMIL appeals to all sides to work towards de-escalation, and calls on them to take the courageous steps to stop this cycle of violence which, if it continued, will lead the country to chaos and all-out war," it said in a Sunday statement.

NATO forces operating under a U.N. mandate backed forces fighting Gadhafi loyalists during the civil war. Libyan Interior Minister Omar al-Sinki said some form of international assistance was needed to at least help control the blaze at Es Sider

The terminal is operated through a joint venture between the NOC and several U.S. oil companies. Combined with Ras Lanuf, the terminals can handle 560,000 barrels of oil per day, about half of the country's total export capacity. Pre-conflict oil production was higher than 1 million barrels per day, though output has slumped recently to as low as 330,000 bpd because of clashes in and around key oil fields.

A NATO official said that, despite enduring security post-civil war security challenges, the alliance is not discussing any military action in Libya.

2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

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Libya's losses mount as oil terminal burns

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