Oil Prices Rise Amid Uncertainty In Libya

2024-08-26 11:34:58

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – Oil posted its highest global prices in recent weeks on Monday (26) due to news that Libya had halted oil production and exports due to political uncertainty. The deadlock further pressured prices, which had already been affected by the conflict in the Middle East.

Information about the production and export of oil has not been confirmed by the government based in Tripoli. There is no timeline for resolving the deadlock. Only one unit in southern Libya is operational, but it accounts for just about 10% of the 1.1 million barrels of oil produced daily by Libya.

At 11:30 am on Monday, the price of WTI crude oil in the United States was up 3.07% to USD 77.13 per barrel. On Tuesday (20), it was priced at USD 71.93 in the US, one of the lowest levels of the year. The Brent crude oil, which is quoted in London and a global benchmark, had risen 2.73% to USD 81.19 per barrel.

Read more:
Algeria's Sonatrach exports oil to Brazil

Translated by Guilherme Miranda

©AFP

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