Oil hits five-month high on support from Libyan disruptions

Oil hit a five-month high above $71 a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply already squeezed by oil cartel Opec supply cuts and US sanctions on Iran and Venezuela.

Brent, the global benchmark, rose to $71.34 a barrel, the highest since November, and by 8.25am GMT was up 14c at $71.24. US crude also hit a November 2018 high of $64.77 and was later up 22c at $64.62. Opec member Libya pumps about 1.1-million barrels per day , just more than 1% of global oil output. Supply has been volatile since the 2011 uprising against Muammar Gaddafi.

On Monday, a warplane attacked Tripoli’s only functioning airport as eastern forces advancing on the Libyan capital disregarded international appeals for a truce.

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US calls for halt to Libya offensive as clashes rage - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The US on Sunday appealed for an 'immediate halt' to a military offensive by Libyan strongman Khalifa Haftar, as fighting raged near Tripoli despite a UN call for a ceasefire. the US was too quick to get their GIs into Libya and oust Gadafi, why don't they now go in and stabilise the situation? wait, all the gold and oil they need they already took and there is nothing left in Libya. AFRICA WILL STILL REGRET FOR ALLOWING THE WEST TO KILL GADAFI
Source: SABC News Online - 🏆 32. / 51 Read more »