Oil prices settled at a roughly one-week high Tuesday, buoyed by disruptions to Libyan crude production and talk of a six-month extension to an OPEC-led pact to limit global output. “Libya oil production is proving to be a lot less reliable, and that makes an extension of OPEC production cuts look more bullish,” said Phil Flynn, senior market analyst at Price Futures Group. “They thought that Libya production would fill the OPEC void. But the news follow reports last week that Libya planned to raise its output to 800,000 barrels a day by April, from current production of 700,000 barrels a day. “Lower oil prices are going to force OPEC into a decision to extend their production cuts for another six months,” speculated Andy Lipow, president of energy consulting firm Lipow Oil Associates.

Source: Libya Today March 28, 2017 19:18 UTC