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Oil Gains as Output From Libya's Biggest Field Is Said to Stop


Monday, 5 March 2018 08:07 WIB

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Oil extended gains as Libya's biggest oil field halted production after the closing of a pipeline.

West Texas Intermediate for April delivery rose as much as 50 cents to $61.75 a barrel on the New York Mercantile Exchange and traded at $61.56 at 8:56 a.m. in Tokyo. The contract fell 3.6 percent to $61.25 last week, the first weekly decline in three weeks. Total volume traded was about 35 percent below the 100-day average.

Brent for May settlement added 31 cents to at $64.68 on the London-based ICE Futures Europe Exchange. Front-month futures slipped 4.4 percent to $64.37 last week. The global benchmark traded at a $3.29 premium to May WTI.

Source : Bloomberg


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