Oil prices gain on Libya, Iraq supply worries
SINGAPORE: OilNSE -1.17 % prices rose on Tuesday after Libya declared force majeure on two major oilfields following a military blockade and protests escalated in Iraq, raising supply concerns.
Brent crude was trading up 11 cents, or 0.2 per cent, at $65.31 per barrel by 0101 GMT. US West Texas Intermediate crude futures were up 20 cents, or 0.3 per cent, at $58.74 a barrel.
“Rising disruptions in … Libya are likely to keep oil prices well supported in coming days,” analysts from Australia and New Zealand Banking Group said in a note on Tuesday.
