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Oil prices climb amid expectations for tighter supply

2019-04-09 06:25

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NEW YORK, April 8 (Xinhua) -- Oil prices extended gains on Monday as market participants speculated tighter global supply driven by the military escalation in oil-rich Libya.

Libya's eastern-based army commander Khalifa Haftar launched a military operation last week to take over the capital Tripoli, where the UN-backed government is based.

At least 35 people have been killed in the clashes between forces of the UN-backed government and the eastern-based army in Tripoli, the health ministry said Monday.

Libya is politically divided between a UN-backed government and a parallel administration allied to Khalifa Haftar.

The situation, combined with the on-going supply cut efforts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, pushed the oil prices higher, experts noted.

Last December, OPEC and other major oil producers, including Russia, pledged to cut production by 1.2 million barrels per day in order to prop up prices, effective from this January.

The West Texas Intermediate for May delivery increased 1.32 U.S. dollars to settle at 64.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 0.76 dollar to close at 71.10 dollars a barrel on the London ICE Futures Exchange.
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