Brent crude LCOc1, the global benchmark, rose $1.46, or 1.3%, to settle at $113.16 a barrel. The contract rose to $114.84 a barrel, its highest since March 28. U.S. West Texas Intermediate CLc1 rose $1.26, or 1.2%, to settle at $108.21 a barrel. The benchmark hit $109.81 a barrel, also the highest since March 28.
NEW YORK: Oil prices rose more than 1% on Monday, with Brent crude topping US$114 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis.
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday said "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
