Oil prices rise significantly – supply worries after production outages in Libya | news

NEW YORK / LONDON (dpa-AFX) – Oil prices rose significantly on Tuesday. By midday, they continued to extend early gains. Market observers referred to new supply concerns. Around noon, a barrel (159 liters) of North Sea Brent cost 117.31 US dollars. That was $2.22 more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $1.74 to $111.31.

The Brent oil price increased for the fourth consecutive trading day. In the market, the increase was again explained by a fall in oil exports in Libya. In the North African producing country, there have recently been failures because production was stopped due to political protests in the east of the country. Commodity expert Carsten Fritsch from Commerzbank believes that a further decline in Libyan oil production cannot be ruled out. So far, production has fallen by about half to around 600,000 barrels per day due to protests.

Charts for the values ​​​​in the article

Crude oil from the North Sea has increased in price by around 50 percent since the beginning of the year. The consequences of the war in Ukraine and the end of the corona restrictions in many countries are considered strong price drivers. Concerns about a slowdown in the global economy only had a temporary impact on oil prices./jkr/bgf/jha/

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