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Oil rescued from price lows by Libyan supply disruption


Tuesday, 13 March 2018 18:39 WIB

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Oil rose on Tuesday, after Libya said loadings of crude at a key port had been suspended, offseting an earlier dent to the price caused by evidence of the inexorable growth in U.S. oil output.

All loadings at the Libyan oil export port of Zawiya, which exports crude from the 308,000-barrel per day El Sharara field, have stopped due to a strike, a Libyan website said.

Brent crude futures were last up 11 cents on the day at $65.06 a barrel by 10:17 GMT, up from an earlier low of $64.67, while U.S. West Texas Intermediate (WTI) crude futures were up 17 cents at $61.53 a barrel.

Both crude benchmarks dropped by around 1 percent on Monday after the U.S. Energy Information Administration said output from the shale basin would hit a new record high in April.

Source: Reuters


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