(Bloomberg) – Oil disappeared when increased tensions in the Middle East and North Africa stopped output and exports from the main producers of OPEC, Iraq and Libya.
A future in New York and London rose by more than 1.5%. Iraq has temporarily stopped output at a Sunday oil field and there is a risk that a second site will be provided from the second site as widespread unrest occurs in OPEC’s second largest producer. In Libya, National Oil Corp. announced. force majeure after Khalifa Haftar Commander hindered exports at ports under his control.
While Libya has been surprised by political unrest as competitive forces to rule the country, the Iraqi minister is back after an earlier tension this month between Iran and the United States. Iraq’s “potentially vulnerable” supplies are among the growing political risks in the country and the wider region, the International Energy Agency said last week.
Libya was abolished, exacerbated by a temporary break in Iraq and increasing anxiety about wider unrest in the number of people working in the OPEC. 2 producer said that oil prices have reached early trading Monday, Stephen Innes, Asia Pacific market strategies at AxiTrader, in a note. “However, prices are likely to remain at a ceiling, due to the rapid phasing in of the geopolitical risk market.” T
Man Oil Supply Who Libya Cut Is harder to cope with
West Texas Intermediate for February delivery climbed as much as $ 1.19, or 2%, to $ 59.73 barrel on the New York Mercantile Exchange and traded at $ 59.23 as 8:37 am Singapore. The contract fell 0.9% last week.
Brent applied for the March settlement of up to $ 1.15, or 1.8%, to $ 66 barrel on the ICE Futures Europe Exchange in London. The global market mark is traded at a $ 6.29 premium to WTI for the same month.
– With the help of James Thornhill and Serene Cheong.
To contact the reporter on this story: Ben Sharples in Hong Kong at [email protected]
To contact the editors responsible for this story: Serene Cheong at [email protected], Aaron Clark
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