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.
