Singapore — Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and the expectation that an Opec-led output reduction will be extended into the second half of 2017. Prices for front-month Brent crude futures, the international benchmark for oil, had risen 14c from their last close to $51.47 a barrel by 1.27am GMT. In the US, West Texas Intermediate (WTI) crude futures were up 20c at $48.57 a barrel. Both crude benchmarks rose by more than 1% the previous day. Oil production from the western Libyan fields of Sharara and Wafa had been blocked by armed protesters, reducing output by 252,000 barrels a day, a source at the National Oil Corporation (NOC) told Reuters late on Tuesday. "That [Libya], along with the Iranian oil minister saying there is likely to be an extension to the production cut deal helped crude oil rally overnight," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Oil cartel Opec, along with ...
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