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Oil prices went up against the background of reports of supply-side disruption in Libya



A Libya Islamic group blocks oil supplies from the El Feel and Sharara oil fields.



19.Dec.16 8:23 AM
By Anna Tuzova
Photo Toinnov.com

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Oil prices went up against the background of reports of supply-side disruption in Libya
World oil prices grow in response to investors’ reports of incapacity of Libya to build oil supplies. In the OPEC member there are internal conflicts that prevent supplies as illustrated by trading data.

On 01:18am (GMT-5) February Brent futures price has grown by 0,56% to $55,52 per barrel. February WTI futures prose rose by 0,74% to $53,33 per barrel.

Investors drew attention to the reports on the Lybia Islamic group prevents the movement of petroleum in the pipelines from the El Feel and Sharara oil fields. Mellitah Oil&Gas engineer in El Feel Khaled Hadloul told  Bloomberg by phone about the situation on the Libyan oil fields. A flow of oil was averted by a group of Libyan guards.

“Libya is the largest key variable on the supply side in the short term, so the fact there is an element of doubt on field restarts is one thing supporting the market,” according to a chief market analyst at CMC Markets Ric Spooner. “The downside for oil is fairly limited at the moment after the OPEC agreement to cut production,” he added.



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