London — Oil prices rose on Wednesday on supply disruption in Canada, falling US crude stocks, uncertainty over Libyan exports and US demands that importers stop buying Iranian crude from November. Brent crude was up 25c a barrel at $76.56 by 10am GMT. US light crude was 65c higher at $71.18. "The worry is whether ‘Opec-Plus’ will have enough spare capacity to balance potential declines in oil production," said Abhishek Kumar, senior analyst at Interfax Europe in London. A supply outage at Syncrude in Canada has locked in 350,000 barrels per day (bpd) of crude, with repairs expected to last at least through July. The fall in Canadian exports has helped drain supplies of heavy crude across North America and contributed to a major draw in US crude oil inventories, according to analysts. The American Petroleum Institute (API) reported a much higher than expected 9.2-million barrel fall in US crude inventories in the week to June 22 to 421.4-million barrels. Analysts polled by Reuters h...
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