Oil Rises to Highest in a Month Amidst Global Energy Crunch
- Clashes in Libya have investors weighing supply risks
- Shell CEO says global energy squeeze won’t be easy to overcome
A truck passes crude oil storage tanks outside Midland, Texas.
Photographer: Matthew Busch/BloombergThis article is for subscribers only.
Oil climbed to the highest since late July as fears of production outages in Libya that would exacerbate a global energy crunch.
West Texas Intermediate futures rose 4.2% to settle above $97 a barrel on Monday. Although Libyan output has so far withstood clashes between militias in the capital, traders are watching for signs that the violence may halt oil shipments at a time when Europe’s energy crisis is worsening.