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Oil Caps Longest Gain This Year as Biggest Libyan Field Halts

  • Loadings from Sharara suspended just one week after restart
  • Russia has been in talks about prolonging output cuts: Novak
Bloomberg business news

Libya Returns as Possible Risk to the Oil Markets

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Crude capped its longest run of gains this year as Libya’s biggest oil field suffered another outage, while Russia signaled it’s weighing an extension of OPEC-led production cuts.

Futures rose for a fifth day in New York, adding to the 3.2 percent gain last week that followed a U.S. military strike on Syria. Libya’s Sharara field halted output just a week after reopening, with the National Oil Corp. declaring force majeure on exports, according to a copy of its decree obtained by Bloomberg. Russia’s Energy Minister Alexander Novak said Friday his ministry had been in talks with oil companies regarding the need to prolong the six-month deal with OPEC.