Crude Oil Prices Turn Higher on Libyan Supply Disruptions

Investing.com – Crude oil prices turned higher on Friday, supported by news of supply disruptions in Libya offset lingering worries over U.S. production levels.

The U.S. West Texas Intermediate April contract was up 15 cents or about 0.27% at $62.92 a barrel by 10:05 a.m. ET (14:05 GMT), just off a more than two-week high of $63.09 hit on Thursday.

Elsewhere, for April delivery on the ICE Futures Exchange in London rose 14 cents or about 0.24% to $66.56 a barrel, after hitting a more than two-week peak of $66.56 on Thursday.

Oil prices were boosted on news the El Feel oilfield in Libya producing 70,000 bpd was shut down, due to unrest.

The U.S. Energy Information Administration reported on Thursday that crude oil inventories fell by in the week ended Feb. 16, compared to expectations for a gain of around 1.8 million barrels.

The report came a day after the American Petroleum Institute reported a supply-drop of around .

Both reports come out one day later than usual due to Monday’s President’s Day holiday.

However fears that rising U.S. output could dampen global efforts to rid the market of excess supplies have systematically limited oil prices’ gains recently.

The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.

The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

Elsewhere, gained 0.45% to $1.775 a gallon, while lost 1.56% to $2.593 per million British thermal units.

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