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Oil jumped to a maximum in more than a week amid closure of fields in Libya

January, 20 2020
watermark Economic news

The price of oil today rose to more than a weekly maximum after the shutdown in two large fields in Libya, which could drastically reduce supplies from an OPEC member country.


Brent futures rose 1.23% to $65.65, previously reaching $66.00 per barrel, the peak since January 9. Futures for WTI crude oil rose 1.11% to $59.50 a barrel.


Before, the Libyan National Oil Corporation (NOC) reported that two large oil fields in the south-west of the country began to suspend operations after the forces of the Libyan National Army blocked the pipeline. If export from Libya is suspended for a long period, oil production may slow down to 0.8 million barrels per day. Recently, Libyan production was at 1.2 million barrels per day.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.