Investing.com-- Oil prices rose slightly in Asian trade on Thursday, extending strong gains from the prior session as the shutdown of Libya’s biggest oilfield fueled more concerns over tight supplies. The shutdown came amid continued disruptions to shipping activity in the Red Sea, which markets feared could disrupt global oil supplies. Disruptions to Middle Eastern crude supply were a key point of support for oil prices in recent sessions, particularly on the grounds that they could result in tighter global oil markets in 2024. But the data also showed an outsized build in gasoline and distillate stocks, indicating that U.S. fuel demand remained weak. Protests over high fuel prices caused Libya’s El Sahara oil field to halt production, with the field producing about 300,000 barrels per day.
