Opec-led supply cuts tighten the oil market, as do US sanctions against Iran, Venezuela with Libya’s infighting triggers concern over its oil exports
Oil hit a five-month high above $71 a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply already squeezed by oil cartel Opec supply cuts and US sanctions on Iran and Venezuela.
Brent, the global benchmark, rose to $71.34 a barrel, the highest since November, and by 8.25am GMT was up 14c at $71.24. US crude also hit a November 2018 high of $64.77 and was later up 22c at $64.62. Opec member Libya pumps about 1.1-million barrels per day , just more than 1% of global oil output. Supply has been volatile since the 2011 uprising against Muammar Gaddafi.
On Monday, a warplane attacked Tripoli’s only functioning airport as eastern forces advancing on the Libyan capital disregarded international appeals for a truce.
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