Armed men blew up a Libyan pipeline pumping crude oil to Es Sider port on Tuesday, reducing the North African country's output by around 90,000 barrels a day, military and oil sources said. Meanwhile, the WTI Crude Oil prices closed on Boxing Day at $59.82 per barrel, increasing by $1.35 or 2.31 percent. The price of the Brent crude oil rose sharply on Tuesday by 2.8 percent after news of a pipeline explosion hit the market. Oil prices soared to two-and-a-half-year highs after the news. Forties is the biggest of the five North Sea crude streams underpinning Brent, the benchmark for oil trading in Europe, the Middle East, Africa and Asia.

Source: Libya Today December 27, 2017 06:45 UTC