Force majeure declaration by Libya lifts oil prices
National Oil Corp declared force majeure on loadings from Zueitina and Hariga ports, resulting in 850,000 barrels per day of supplies being disrupted
London — Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted US crude to levels not seen since late 2014. US light crude jumped 90 US cents, or 1.2%, to $74.84 a barrel, its highest since November 2014, before easing back to $74.59, up 65c, by 8.10am GMT. Benchmark Brent crude oil was up 45c at $77.75. Production at Syncrude Canada’s 360,000 barrels per day oil sands facility near Fort McMurray, Alberta, was hit by a power outage in June and is likely to remain offline throughout July, helping drain US inventories. A Reuters survey estimated US crude oil stockpiles fell for a fourth consecutive week, by about 3.3-million barrels, in the week ended June 29. Stocks of petrol and middle distillates such as heating oil and diesel fuel also drew, the survey showed. Libya’s National Oil Corp declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in 850,000 barrels per ...
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