Disruption in Libyan exports lifts oil
Sentiment on oil prices remains weak amid worry over global stock markets and doubts that planned cuts will be enough to rein in oversupply
Singapore — Oil prices on Tuesday clawed back some of their losses from the previous day as Libya’s National Oil Company (NOC) declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group. Despite that, overall sentiment on oil prices remained weak amid worry over global stock markets and doubts that planned supply cuts led by producer cartel Opec will be enough to rein in oversupply. International Brent crude oil futures were at $60.30 a barrel at 2.06am GMT, up 33c, or 0.6%, from their last close. US West Texas Intermediate (WTI) crude futures were at $51.19 a barrel, up 19c, or 0.4%, from their last settlement. Libya’s NOC late on Monday declared force majeure on exports from the El Sharara oilfield, the country’s biggest, which was seized at the weekend by a militia group. NOC said the shutdown would result in a production loss of 315,000 barrels a day (bbl/day), and an additional loss of 73,000 bbl/day at the El Feel o...
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