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Global supply shortages raise oil prices
Follow - up / ... Oil prices rose in trading on Tuesday, amid concerns about the lack of global supply, as a result of decline coming from Iran, Libya and Canada supplies.
Concerns have intensified since Monday on expectations of a Canadian supply disruption until September as a result of the disruption of production of 360 thousand barrels per day.
Traders are also concerned about US sanctions against Iran, a drop in oil supplies, and a drop in oil production in Libya to 527 bpd.
By 0550 GMT, London Brent crude futures for September delivery rose 0.53 percent, or 41 cents, to $ 78.48 a barrel.
US crude futures for August delivery rose 0.56 percent, or 41 cents, to $ 74.26 a barrel.
The Organization of Petroleum Exporting Countries and independent producers agreed last month to increase production to compensate for shortages in countries such as Libya and Venezuela. Finished
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