Tokyo/London — Oil prices rose more than $1 a barrel on Tuesday due to growing supply outages, with Norway shutting one oil field as hundreds of workers began a strike and Libya saying its production more than halved in recent months.The disruptions add to supply worries around the world. Venezuela’s production has collapsed due to a lack of investment and Iranian exports have suffered due to US sanctions. Oil cartel Opec has little capacity to fill the gap as demand for oil quickens.Benchmark Brent oil futures rose by 96c, or 1.2%, to $79.03 a barrel by 10.58am GMT. They earlier hit an intra-day high of $79.29. Brent gained 1.2% on Monday. US light crude futures were up 38c, or 0.5%, at $74.23.Mounting supply concerns could push Brent above $85 a barrel, MUFG Bank said in a note. "Renewed geopolitical supply-side disruptions stemming from Canada, Iran, Libya, Venezuela and the US raise the likelihood of oil trade interruptions and, with it, upside risks to oil prices in the near te...
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