Oil prices rose on Tuesday after Libya’s National Oil Corp (NOC) declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country’s central bank.
The dispute hinders the OPEC member’s ability to fix war-damaged infrastructure and risks derailing a recovery in Libya’s production.
Brent crude futures for June delivery rose 63 cents, or 0.9 percent, to $67.68 per barrel, after having breached $68, the highest since March 18, earlier in the day.
U.S. West Texas Intermediate (WTI) crude futures were up 56 cents, or 0.9 percent, at $63.99 a barrel.
Arabian Gulf Oil Co (AGOCO), the NOC subsidiary which runs Hariga, said on Sunday it had suspended output because it had not received its budget since September.
A weak U.S. dollar also underpinned prices as investors await supply data from the American Petroleum Institute. Traders expect a drop in U.S. crude oil and distillate stockpiles last week.
OPEC+ is scheduled to meet on April 28 to consider further tweaks to its supply pact.
Market Analysis
Oil Prices Rise On Libya Force Majeure
2021-04-20 10:02:26
