Oil rose on Monday in choppy trade, with Brent crude topping $113 a barrel, as outages in deepened concern over tight global supply and the Ukraine crisis dragged on, offsetting concern over slowing Chinese demand. "With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA. Brent crude, the global benchmark, rose $1.37, or 1.2%, to $113.07 at 1332 GMT, not far from the highest since March 30 of $113.80 hit earlier in the session. Oil surged to the highest since 2008 in March, with Brent briefly topping $134. Russian production declined by 7.5% in the first half of April from March, Interfax reported on Friday, and EU governments said last week the bloc's executive was drafting proposals to ban Russian crude.

Source: Libya Today April 18, 2022 20:36 UTC