Oil Rises on Libya Strikes, Expected US Supply Drop
From Channel News Asia
Oil prices rose on Tuesday following fresh oil supply disruptions in Libya and in anticipation of a bullish Wednesday US oil inventory report.
US benchmark West Texas Intermediate for September delivery advanced 72 cents to $106.83 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for September delivery gained 85 cents to $109.82 a barrel.
Commerzbank analyst Carsten Fritsch cited strikes yesterday at Libya’s two largest oil export terminals in Es Sider and Ras Lanuf that shut down the facilities.
“The supply outages in Libya are lending buoyancy,” Fritsch said.
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