Sunday April 14, 2024

Oil rises

June 27, 2018

London : Oil prices rose on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and intensifying trade conflicts between the United States and other major economies.

Benchmark Brent crude was up 35 cents at $75.08 a barrel. US light crude was 30 cents higher at $68.38 a barrel.

Brent, which tends to reflect global supply and demand, was driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries.

Eastern Libyan commander Khalifa Haftar's forces have given control of oil ports to a separate National Oil Corporation (NOC) based in the country's east.

The official state-owned oil company from the capital Tripoli, also called NOC, will no longer be allowed to handle that oil, he said.