Oil surges as Libyan pipeline shutdown cripples output

TOKYO: Oil prices jumped on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle.

Brent crude futures were up by 75 cents, or 1.2 per cent, to $65.60 by 0109 GMT, having earlier reached $66.00 a barrel, the highest since Jan. 9. The West Texas Intermediate contract was up by 60 cents, or 1 per cent, at $59.14 a barrel, after rising to $59.73, the highest since Jan. 10.