Oil edges higher on concerns over Russia, Libya supply disruption

Brent crude LCOc1 futures settled up US$1.53to close at $108.33 a barrel, after earlier reaching a high of $109.80. U.S. West Texas Intermediate (WTI) crude CLc1 futures ended up $1.60, or 1.6%, to $103.79, after earlier reaching a high of $105.42. Buyers also reacted to ongoing interruptions in Libya, which is losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals.

NEW YORK: Oil prices rose on Thursday, buffeted by concerns about tightened supply as the European Union (EU) mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade.

Brent crude LCOc1 futures settled up US$1.53to close at $108.33 a barrel, after earlier reaching a high of $109.80. U.S. West Texas Intermediate (WTI) crude CLc1 futures ended up $1.60, or 1.6%, to $103.79, after earlier reaching a high of $105.42.