Oil Gets Lift From Libyan Force Majeure Declaration at Key Field
- Key oilfield was shut down amid internal political strife
- OPEC+ due to to add 180,000 barrels to daily supply next month
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Oil extended gains after Libya declared force majeure at a key oilfield amid widening shutdowns that have wiped out close to a million barrels from daily global supplies.
Brent crude futures rose above $77 a barrel while West Texas Intermediate rose above $74 amid scant trading Monday because of a US holiday. Futures got a boost after the North African country declared force majeure at the El-Feel field. The legal clause, which allows Libya to halt crude exports, came just days after authorities in the east announced a complete halt of all output and exports.