Brent crude rises above $79 a barrel on Norway strike, Libyan disruption

Oil prices rose by more than $1 dollar per barrel on Tuesday due to growing global supply outages, with Norway shutting down one oilfield as hundreds of workers began a strike and Libya saying its production more than halved in recent months.

The disruptions add to supply worries around the world. Venezuela’s production has collapsed due to a lack of investment and Iranian exports have suffered due to U.S sanctions. OPEC, meanwhile, has little capacity to fill the gap as demand for oil quickens.

Benchmark Brent oil futures rose by $1.13 per barrel, or 1.4 percent, to $79.20 per barrel by 0915 GMT, following a 1.2-percent climb on Monday. U.S. light crude futures were up 53 cents, or 0.7 percent, at $74.38…

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