SYDNEY (BLOOMBERG) - Oil prices climbed on Monday (April 18) as supplies from Libya were interrupted and Russia warned of the potential for record prices if more nations ban its energy. West Texas Intermediate rose 1.2 per cent to US$108.21 a barrel at 8.56am Singapore time after rallying last week by the most in two months. Russian Deputy Prime Minister Alexander Novak said that if more nations banned Russian energy flows, prices may "significantly exceed" historic highs. Oil has rallied this year in volatile trading as the war in Ukraine disrupted supplies in an already tight global market. Brent's prompt spread - the gap between its two nearest contracts - was US$1.07 a barrel in backwardation, up from 21 cents a week ago.

Source: Libya Today April 18, 2022 01:34 UTC