Oil Prices Rise As Libyan Rebels Block North African Distribution Line
Oil prices rose on Monday after Libyan rebels disrupted a portion of North Africa's crude export lines, according to The Wall Street Journal.
The move by the rebel group forced production cuts and Brent crude increased to $65.72, by 1.3 percent, to its highest since mid-December. Eventually, the gains subsided but the benchmark held steady around 0.4 percent gains.
The rebel group behind the plot was the Libyan National Army, a militia led by General Khalifa Haftar. The operation shut down an export pipeline that linked two key oil fields and eliminated about 400,000 barrels from production.
Furthermore, a large Iraqi facility shut down over the weekend when security guards restricted access to the field in an attempt to win permanent employment contracts. The Ahdab factory produces around 70,000 barrels a day.
Oil prices rose on Monday after Libyan rebels disrupted a portion of North Africa's crude export lines.