SINGAPORE (Reuters) – Oil prices rose on Tuesday after Libya declared force majeure on two major oilfields following a military blockade and protests escalated in Iraq, raising supply concerns. An oil pump jack of Canadian group Vermilion Energy is pictured in Parentis-en-Born, France, October 13, 2017. REUTERS/Regis Duvignau Brent crude LCOc1 was trading up 11 cents, or 0.2%, at $65.31 per barrel by 0101 GMT. U.S. West Texas Intermediate crude futures CLc1 were up 20 cents, or 0.3%, at $58.74 a barrel. “Rising disruptions in … Libya are likely to keep oil prices well supported in coming days,” analysts from Australia and New Zealand Banking Group said in a note on Tuesday. Two major oilfields in southwest Libya began shutting down on Sunday after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level, the country’s National Oil Corp (NOC) said. A document sent to oil traders and seen by Reuters on Monday said the NOC had declared force majeure – a waiver on contractual obligations – on crude loadings from the Sharara and El Feel oilfields in Libya’s southwest. If Libyan exports are halted for any sustained period, storage tanks… Read full this story
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