Oil futures end higher; Libya reportedly halts output at some major oil fields

0

Oil futures settled modestly higher on Monday, finding some support from reports that Libya has halted output at some of its oil fields. State-owned National Oil Corp. subsidiary Arabian Gulf Oil Co. stopped pumping at its oil fields citing the government’s failure to send federal funds for operations since September, S&P Global Platts reported Monday. A Reuters report on the Financial Post, meanwhile, said National Oil Corp. declared force majeure on exports from the port of Hariga – meaning it can’t fulfill its contractual obligations. Tyler Richey, co-editor at Sevens Report Research, however, said the issue shouldn’t have a lasting impact on oil, unless it turns into a drawn out event. May West Texas Intermediate crude
CLK21,
+1.10%
rose 25 cents, or 0.4%, to settle at $63.38 a barrel on the New York Mercantile Exchange.

Source

- Advertisement -

Leave A Reply

Your email address will not be published.