Oil rises to $79 a barrel on Norway strike, Libyan disruption

Oil prices rose by over 1 percent toward $79 per barrel on Tuesday due to growing supply outages, with Norway shutting 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 has little capacity to fill the gap as demand for oil quickens.

Benchmark Brent oil futures LCOc1 rose by 96 cents, or 1.2 percent, to $79.03 per barrel by 1147 GMT. They earlier hit an intraday high of $79.29. Brent gained 1.2 percent on Monday…

 

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