Oil price rises in response to pipeline closure in Libya

Futures contracts in oil barrels had an increase of 1% on the morning of Tuesday, March 28. The increase was after reports that a militia occupied and closed the pipeline in Libya, cutting more than a third of the oil fields and reducing the recent recovery of oil production in the country.

The giant oil field in western Libya, Sharara, was reopened since December last year, after the local militia agree to the reopening of jobs. The return to production, made the country produced about 700,000 barrels of oil per day.

However, the closing of news caused the Brent contract for June climbed 1.14%, worth US $ 51.48 per barrel on the Intercontinental Exchange (ICE), while WTI for May advanced 1.15%, paying US $ 48.28 a barrel on the New York Mercantile Exchange (Nymex).

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