Reports of a pipeline explosion in Libya sent oil prices soaring to $60 a barrel, that is a two-and-a-half year highs. The blast reportedly sidelined 90,000 barrels a day of supply in a country that produced 973,000 barrels a day in Novem-ber. The price hike was also due to the production cut in oil pro-ducing countries causing supply disruptions. Both countries have suffered oil supply outages related to internal conflicts. That deal has helped to balance a glutted market, so supply disruptions are more likely to push up crude prices.

Source: The North Africa Journal December 27, 2017 11:48 UTC