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Oil rises amid concerns over Libya's crude exports
Follow - up / ... Oil prices rose in early trading Tuesday amid uncertainty over oil exports in Libya, but the gains were marginal due to concerns about the expected increase in crude production.
The National Oil Corporation (NOC) said on Monday that the forces led by Marshal Khalifa Hafer had no right to determine who controls oil exports, warning companies not to hire parallel institutions to buy crude. This came against the backdrop of the announcement of Hafer delivery of the Crescent oil ports, to the "interim government" instead of the government of Al-Wefaq, which was running the strategic region.
By 0530 GMT, London Brent crude futures for August delivery rose 0.09 percent, or 7 cents, to $ 74.8 a barrel.
US crude futures for delivery in August rose 0.26 percent, or 18 cents, to $ 68.26 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and outside producers announced last Friday, an increase in oil production from early July to maintain market supplies.
OPEC members began in early 2017 to implement the agreement to cut production by 1.2 million barrels, plus 600 thousand barrels of independent producers, bringing the total agreed reduction of 1.8 million barrels per day, aimed at restoring stability of the oil markets. Finished
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