Oil prices rose on Monday amid growing supply concerns as Libya halted production from one of its fields and the worsening Russia-Ukraine conflict increased the likelihood of stiffer western sanctions on exports from Moscow. Brent, the global benchmark for two thirds of the world's oil, rose 0.90 per cent to $112.70 a barrel at 9.03am UAE time. Opec reported that production rose only 57,000 barrels per day in March according to data, not even climbing by the agreed 253,000 bpd,” Mr Halley said. The US and UK have already banned Russian oil imports. “With so much volatility in intraday oil prices, and extreme reactions to headline risks, technical levels have become rather irrelevant,” Mr Halley said.

Source: Libya Today April 18, 2022 07:48 UTC