Oil prices soar over supply worries

Oil prices in the global markets have climbed amid reports of supply disruptions in Libyaâ„¢s crude exports.

Oil prices soared on Tuesday after oil exports from Libya fell to their lowest for two years.

Brent North Sea crude for delivery in September climbed 69 cents to stand at USD 109.66 a barrel.

New York’s main contract, West Texas Intermediate for September delivery grew 25 cents to reach USD 106.36 per barrel.

The spike in prices came on Tuesday just a few hours after Libyaâ„¢s two biggest export terminals had to shut down over new strikes by workers.

The protests in Libya exacerbated investors’ concerns about a disruption in global oil supply, amid fears that Egypt’s political crisis could force a closure of the Suez Canal and Sumed Pipeline.

According to industry analysts, Libyan oil output has dropped to its lowest since the overthrow of Muammar Gaddafi with total oil production well below 500,000 barrels per day.

Libyans rose up against Muammar Gaddafiâ„¢s four-decade rule in February 2011 and deposed him in August 2011. He was slain on October 20 of the same year.


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Republished from: Press TV