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1st LD Writethru: Oil prices rise amid geopolitical risk

Xinhua, May 6, 2015 Adjust font size:

Oil prices jumped Tuesday as an oil port in Libya closed after protesters blocked the pipeline.

The protesters closed the pipeline to the Zueitina port, said Mohamed El Harari, the spokesman for state oil firm NOC.

Analysts expected that the closure should lower oil output to as low as 400,000 barrels a day.

The U.S. Energy Information Administration (EIA) Wednesday will publish its report on crude data of last week. Traders wanted to find more clues about the crude market from this report.

For the week ended April 24, the inventories at Cushing, Oklahoma, the delivery point for the U.S. contract dropped for the first time since last November.

Inventories at the storage hub lost 510,000 barrels to 61.68 million barrels that week, according to the Energy Information Administration (EIA). The drop boosted optimism that the supply glut will ease.

Light, sweet crude for June delivery gained 1.47 U.S. dollars to settle at 60.4 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for June delivery moved up 1.07 dollars to close at 67.52 dollars a barrel. Endite