Singapore — Oil prices climbed on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in output from producer cartel Opec and an emerging slowdown in demand held back markets. Brent crude oil futures were at $77.71 a barrel at 2.17am GMT, up 41c, or 0.5%, from their last close. US West Texas Intermediate (WTI) crude futures were up 57c, or 0.8%, at $74.51. "The Libyan power struggle between the Tripoli-based National Oil Corp that is internationally recognised and controls the export sales and the NOC-East group based in Benghazi that currently has physical control of the infrastructure … wipes out the planned increase from the Opec[-plus] coalition," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. Opec’s June output was 32.32-million barrels a day, a Reuters survey showed on Monday, up 320,000 barrels a day from May. The June total is the highest since January 2018. Libya’s National Oil Corporati...
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