Oil Rises on Libya Supply Disruptions



Reuters

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.


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