Axar.az
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21 February 2020


Oil rises as Libyan oilfields shut down

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Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC member to a trickle.

Axar.az reports citing Reuters.

Brent crude LCOc1 was up 37 cents, or 0.6%, at $65.22 by 0952 GMT, having earlier touched $66 a barrel, the highest since Jan. 9.

The West Texas Intermediate CLc1 contract was 24 cents, or 0.4%, higher at $58.78 a barrel, after rising to $59.73, the highest since Jan. 10.

Two major oilfields in southwest Libya began shutting down on Sunday after forces loyal to Khalifa Haftar closed a pipeline, potentially cutting national output to a fraction of its normal level, the National Oil Corporation (NOC) said.

The closure, which follows a blockade of major eastern oil ports, risked taking almost all the country’s oil output offline

However, the earlier rise in oil prices eased after some analysts and traders said supply disruptions in Libya could be offset by other producers, limiting the impact on global markets.

Date
2020.01.20 / 19:11
Author
Axar.az
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