Oil prices up on Libya unrest, hopes for output deal

AFP, LONDON: World oil prices advanced yesterday as fresh fighting in Libya further stoked supply concerns, while OPEC member Venezuela indicated a deal to limit output is close.
Around 1130 GMT, Brent North Sea crude for delivery in November was up 58 cents at $46.35 a barrel compared with Friday's closing level.
US benchmark West Texas Inter-mediate for October added 59 cents to $43.62 a barrel.
Gains were "sparked by news from Libya, where renewed fighting broke out at the weekend between rival groups over the oil export terminals", said Commerzbank analyst Carsten Fritsch.
"The expectation of a rapid normalisation of Libyan oil exports is likely to prove illusory, in other words," he added.
"What is more, Venezuela's President Maduro expects OPEC to reach an agreement with non-OPEC countries before the end of September to stabilise the oil market."
Oil fell last week on supply glut woes. However, fighting erupted in Libya on Sunday as UN-backed unity government forces attempted to retake oil ports seized last week by a rival administration.
The fighting led a Maltese-flagged tanker to turn back out to sea for safety, abandoning plans to load crude oil at Ras Lanuf. It would have been the port's first export since 2014.
Libya has Africa's largest oil reserves but has exported only a few tankers of crude in recent months as a result of unrest.
Meanwhile, major crude producer states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for two years.

Oil prices up on Libya unrest, hopes for output deal

AFP, LONDON: World oil prices advanced yesterday as fresh fighting in Libya further stoked supply concerns, while OPEC member Venezuela indicated a deal to limit output is close. Around 1130 GMT, Brent North Sea crude for delivery in November was up 58 cents at $46.35 a barrel compared with Fridays closing level. US benchmark West Texas Inter-mediate for October added 59 cents to $43.62 a barrel. Gains were sparked by news from Libya, where renewed fighting broke out at the weekend between rival groups over the oil export terminals, said Commerzbank analyst Carsten Fritsch. The expectation of a rapid normalisation of Libyan oil exports is likely to prove illusory, in other words, he added. What is more, Venezuelas President Maduro expects OPEC to reach anagreement with non-OPEC countries before the end of September to stabilise the oil market. Oil fell last week on supply glutwoes. However, fighting erupted inLibya on Sunday as UN-backedunity government forces attemptedto retake oil ports seized last week by a rival administration. The fighting led a Maltese-flagged tanker to turn back out to sea for safety, abandoning plans to load crude oil at Ras Lanuf. It would have been the ports first export since 2014. Libya has Africas largest oil reserves but has exported only a few tankersof crude in recent months as a resultof unrest. Meanwhile, major crude producer states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for two years.