Oil rises to more than a week high after Libyan outage
LONDON/TOKYO - Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC member to a trickle.
The West Texas Intermediate CLc1 contract was 24 cents, or 0.4%, higher at $58.78 a barrel, after rising to $59.73, the highest since Jan. 10. However, the earlier rise in oil prices eased after some analysts and traders said supply disruptions in Libya could be offset by other producers, limiting the impact on global markets.
If Libyan exports are halted for any sustained period, storage tanks will fill within days and production will slow to 72,000 barrels per day , an NOC spokesman said. Libya has been producing around 1.2 million bpd recently.
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