Brent rises for third straight day on Libya's output disruption

Economies.com
2020-01-20 13:44PM UTC

The International benchmark crude "Brent" remained higher as the US market opened on Monday, to extend its gains for the third straight day at a 1-week high, due to concerns about Libya oil out disruption, following the suspension of two large fields in the OPEC member country.

 

Brent crude rose to $65.98 a barrel (highest since Jan. 9), after it closed at $65.11 on Friday, and hit a session-low of $65.06.

 

Brent futures gained 0.7% on Friday, posting the second straight daily gain, on strong industrial production data in China.

 

During the past week, oil prices lost about 0.5%, their second weekly loss, as fears over Middle East supply disruptions receded, and US output jumping to a new record.

 

In Libya, the National Oil Corporation stated on Sunday that two major oil fields in the south of the country halted production, after forces loyal to "Khalifa Haftar" closed a pipeline.

 

Alongside the blockade on the eastern oil ports, this may lead to the halt of all the country's oil production.

 

A spokesman for the National Oil Corporation stressed that if halting the exports continues, filling the storage tanks will take a few days, and production will be cut to about 72K barrels per day from 1.2 million.

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