Thu June 21, 2018
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

Business

REUTERS
March 14, 2018

Share

Advertisement

Oil markets rally

London : Oil rose on Tuesday, after Libya said loadings of crude at a key port had been suspended, offseting an earlier dent to the price caused by evidence of the inexorable growth in US oil output.

x
Advertisement

All loadings at the Libyan oil export port of Zawiya, which exports crude from the 308,000-barrel per day El Sharara field, have stopped due to a strike, a Libyan website said.

Brent crude futures were last up 11 cents on the day at $65.06 a barrel by 1017 GMT, up from an earlier low of $64.67, while US West Texas Intermediate (WTI) crude futures were up 17 cents at $61.53 a barrel.

Both crude benchmarks dropped by around one percent on Monday after the US Energy Information Administration said output from the shale basin would hit a new record high in April.

“Libyan oil loadings have been suspended, that’s why the market is rallying at the moment,” PVM Oil Associates analyst Tamas Varga said.

Advertisement

Comments

Advertisement
Advertisement

Topstory

Opinion

Newspost

Editorial

National

World

Sports

Business

Karachi

Lahore

Islamabad

Peshawar