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News > World

Oil Prices Climb Amid Libya Outages

  • Closed pumps are seen in a petrol station in London, Britain, April 8, 2022.

    Closed pumps are seen in a petrol station in London, Britain, April 8, 2022. | Photo: Xinhua/Li Ying

Published 18 April 2022
Opinion

Oil prices rose on Monday as reports of outages in Libya intensified concerns over supply risks.

For May delivery, the West Texas Intermediate added 1.26 U.S. dollars, or 1.2 percent, to settle at 108.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 1.46 dollars, or 1.3 percent, to close at 113.16 dollars a barrel on the London ICE Futures Exchange.

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On Monday, Libya's National Oil Corporation declared force majeure on the Al-Sharara oilfield, a key oilfield in the country, citing pressure on workers.
   
Earlier in the day, the company declared a state of force majeure on the oil port of Zueitina and warned of "a painful wave of closures" after saying on Sunday it had halted production at another field, El Feel.
   
Experts noted that Libya's outages and the ongoing Ukraine crisis deepened fears about tight supplies.

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