News Update By Real Commodity :

Oil Prices Rise as Libya Declares Force Majeure On Its Supply :

Oil prices rose on Tuesday amid reports that Libya declared force majeure on significant amounts of its supply.

Libya’s National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in total production losses of 850,000 bpd due to the closure of eastern fields and ports.

Meanwhile, rising overall output from the Organization of the Petroleum Exporting Countries (OPEC) as well as in the U.S. continued to be cited as headwind for oil prices.

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