Oil futures edge higher on report of fire in Libya

Crude-oil futures edged higher in Asian trade Monday on reports of a fire at oil storage terminals at a Libyan oil terminal.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, +1.10%  traded at $55.34 a barrel at last check, up $0.61 in the Globex electronic session. February Brent crude on London’s ICE Futures exchange LCOG5, +1.04%  rose $0.47 to $59.92 a barrel.

Nymex crude lost 4.20% last week and Brent crude was down by 3.14% last week. Both the oil benchmarks have fallen for five consecutive weeks.