Crude Rises on North Sea Disruption, Libya Port Shutdown
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West Texas Intermediate crude rose with Brent as North Sea production was curtailed and Libya shut its biggest oil export terminal. Brent’s premium over WTI widened for a sixth time in seven days.
Futures advanced for a second day as a compressor breakdown at the Ula platform reduced production of Ekofisk crude, a spokesman with BP Plc, the platform’s operator, said today. Libya shut the Es Sider port after opening yesterday. WTI slipped to $105.03 in intraday trading on reports that Japan’s growth slowed to 2.6 percent in the second quarter.