Oil prices rose sharply on Monday as supply concerns were rekindled amid reports of serious disruptions in Libyan production.
In particular, the May delivery contract added $ 1.26 or 1.2% and closed at $ 108.21 a barrel on the New York Mercantile Exchange. This is the highest level since March 25. Brent crude for June delivery rose $ 1.46, or 1.3 percent, to $ 113.16 a barrel.
Protests in Libya against Prime Minister Abdul Hamid Dbeiba led the government to close production at Sharara, the country’s largest oil field. The protests also forced two ports in the country to close, while production stopped in the El Feel field, according to Bloomberg.
The gas contract meanwhile rallied as unusually low temperatures for the season have led to a surge in US demand. The May delivery contract added 52 cents, or 7.1%, to close at $ 7.82 a million. This is the highest level since September 2008. The contract strengthened by a total of 16% last week.
Source: Capital
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