Oil Rises on Libya Supply Disruptions


NEW YORK, Aug 12 (Reuters) - Brent crude rose on Monday as fresh export disruptions in OPEC nation Libya stoked supply concerns.

Striking security guards reimposed a two-week-old shutdown at the country's two biggest crude export terminals, which have the capacity to ship around 600,000 barrels per day, just hours after they had reopened.

Production was also disrupted at a number of fields by similar protests, creating the worst supply disruptions in the country since the 2011 civil war.

"We saw some reaction to concerns about supplies in Libya, which helped to give us some support in an otherwise quiet day," said Phil Flynn, an analyst with Price Futures group in Chicago.

For details on Libya's oilfields and ports, see:

Brent crude rose 75 cents to settle at $108.97 a barrel, having fallen to a low of $107.43. Brent rose back above its 200-day moving average, a key technical indicator watched by traders, at $108.16.

U.S. crude oil for September delivery inched up 13 cents to settle at $106.11 a barrel, having fallen to a low of $105.03 a barrel.


View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Cost Controls (Maitland, FL)
Expertise: Budget / Cost Control|Project Controls
Location: Maitland, FL
United States Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
General Manager US
Expertise: Business Development|Executive|Technical Manager
Location: Houston, TX
search for more jobs

Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours