Markets > Commodities

​Oil prices rise amid falling Libya crude output

Xinhua Financein NEW YORK
2018-07-10 08:40

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Oil prices settled higher on Monday as investors assessed a sharp decline in Libya's crude production.

Libya's national oil output has fallen to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February, the head of the National Oil Corporation reportedly said on Monday.

Oil prices have been lifted recently as crude exports from several producers of Organization of the Petroleum Exporting Countries (OPEC), including Venezuela and Libya, have been falling.

Meanwhile, the number of rigs operating in U.S. oil fields rose by five to a total of 863 rigs last week, indicating more crude production in the United States, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for August delivery rose 5 cents to settle at 73.85 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery added 96 cents to 78.07 dollars a barrel on the London ICE Futures Exchange.
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