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Oil Rises as Libyan Oilfields Shut Down


Monday, 20 January 2020 18:55 WIB

Minyak WTIbrent oilOil,Crude Oil


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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.

Brent crude 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 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.

Source : Reuters


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