SINGAPORE (Reuters) - Oil prices on Tuesday reached their highest since November as concerns over exports from war-torn Libya stoked tightness in the market, with global supply already hit by OPEC-led production cuts and U.S. sanctions on Iran and Venezuela.
International benchmark Brent futures touched their strongest level since last November at $71.34 per barrel on Tuesday, and were still at $71.16 at 0057 GMT, up 6 cents, or 0.1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures also hit a November 2018 high, at $64.77 per barrel, before easing to $64.58, which was still 18 cents, or 0.3 percent, above their last settlement.
“Renewed fighting in Libya ... has seen Brent crude break above $70 per barrel,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Libya is a significant supplier of oil to Europe, producing around 1.1 million barrels per day (bpd) of crude in March.
A warplane attacked Tripoli’s only functioning airport on Monday as eastern forces advancing on the Libyan capital disregarded international appeals for a truce in the latest of a cycle of warfare since Muammar Gaddafi’s fall in 2011.
As a result, Brent and WTI crude oil futures have risen by 41 and 31 percent respectively since the start of the year.
Source Reuters