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Oil prices rise on Libyan output disruption

Xinhua, March 28, 2017 Adjust font size:

Oil prices rose on Tuesday after reports showed Libyan oil production was disrupted, tempering concerns about the global supply glut.

Media reports said Tuesday that production at the western Libyan fields of Sharara and Wafa has been blocked by armed factions, reducing the country's output by about one third.

Analysts said the news temporarily eased the concerns about excess global oil supply, and supported oil prices.

The West Texas Intermediate for May Delivery added 0.64 U.S. dollar to settle at 48.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 0.58 dollars to close at 51.33 dollars a barrel on the London ICE Futures Exchange. Endit