Oil continues to rise supported by disruption of Libyan supplies
21:00 - 23/02/2018
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Oil continued to rise above $ 66 a barrel on Friday, supported by a drop in Libya's output, and optimistic comments from Saudi Arabia that OPEC-led efforts to cut world stocks by curbing production are bearing fruit.
Crude recovered from losses it had recorded early after Libya's oil field, which produces 70,000 bpd, was closed. Opec output is around 1 million barrels per day (bpd) although it is still volatile due to unrest.
By 14:58 GMT, global benchmark crude was up 10 cents to $ 66.49 a barrel.
Prices rose in early 2018 to $ 71.28 a barrel on Jan. 25, the highest level since December 2014. US crude rose eight cents to $ 62.85 a barrel.
In OPEC's latest comment on an OPEC-led supply cut, Saudi Energy Minister Khalid al-Falih said he expected inventories to continue falling this year.
Prices fell earlier in the day under pressure from rising US oil production and exports. Crude exports jumped to more than 2 million barrels a day, a level close to record