Brent rises slightly on fears of decline in supplies from Libya

Oil prices rose on April 18 morning against the backdrop of events in Libya, where two export ports stopped working due to protests against the incumbent Prime Minister Abdul Hamid al-Dbeibeh, Report informs referring to Interfax.

Libyan state oil company National Oil Corporation on April 16 announced the suspension of production at the El Feel field in the west of the country, which provides oil production in the amount of about 65,000 barrels per day. As a result, deliveries to the Mellitah export terminal ceased.

In addition, according to Bloomberg, due to protests, the work of the Zueitina export terminal in western Libya was stopped.

June futures for Brent rose by $0.7 (0.63%) on the London ICE Futures Exchange to $112.4 per barrel. On April 14, Brent rose $2.92 (2.7%) to $111.7 per barrel.

By this time, May futures for WTI had risen in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.64 (0.6%), to $107.59 per barrel. During the previous session, the contract rose by $2.7 (2.6%) to $106.95 per barrel.

On April 15, oil trading was not held due to holidays in the UK and the US.