Oil hits approximately $67 highs on Libyan pipeline blast

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LAGOS—OIL prices have touched two-and-a-half year highs in light volume boosted by an explosion on a crude pipeline in Libya and voluntary Oil Producing Exporting Countries, OPEC-led supply cuts.

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Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage, according to Reuters.

A Libyan military source said earlier that armed men had planted explosives at the pipeline.

The country’s output had been recovering in recent months after being held down for years by conflict and unrest.

Brent crude, the international benchmark for oil prices, has risen to $66.76 a barrel. Prices hit a session high of $66.83 a barrel.

U.S. crude climbed to $59.76 a barrel after touching a session high of $59.86.

The impending restart of a key North Sea pipeline, Forties, limited the rally.

The pipeline is being tested after repairs and full flows should resume in early January, its operator said.

The producers have extended the supply cut agreement to cover all of 2018.

The post Oil hits approximately $67 highs on Libyan pipeline blast appeared first on Vanguard News.

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