1/20, 9:31 AM (Source: TeleTrader)
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Oil prices rise amid Libya disruptions

Crude prices rose nearly 1% on Monday to reach the highest levels in over a week amid a military blockade in Libya which caused oil supply disruptions.

The Libyan National Oil Corporation (NOC) declared a force majeure after the Libyan National Army (LNA) blocked oil exports from several ports and noted it expects a loss of crude output of 800,000 barrels per day.

International benchmark Brent for March delivery climbed 0.96% to sell for $65.48 per barrel at 3:20 am ET and West Texas Intermediate (WTI) added 0.84% to go for $59.07 per barrel at the same time.

Breaking the News / NP