Saturday, 04 December 2021 02:07 GMT

Oil price rises on Libyan field shutdown


(MENAFN) On Friday, oil prices rose, following the shutdown of a key oilfield in Libya.
Crude scored 1.2% on Friday following the shutdown of the El Feel oilfield in Libya, which produces 70,000 barrels per day of crude, according to Reuters.

The market was also supported by remarks from Saudi Arabia's energy minister Khalid al-Falih, who said on Friday that oil markets are "rebalancing" and that he anticipated stockpiles to continue declining on 2018.

The West Texas Intermediate for April delivery was up 0.78 U.S. dollar to settle at 63.55 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.92 dollar to close at 67.31 dollars a barrel on the London ICE Futures Exchange.

It's worth mentioning that El-Feel oilfield has been shutdown because of workers' demonstrations over not paying them their salaries and other financial demands.

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