oil rises further above 55 on libyan field shutdown syria
Monday 16 June 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Oil rises further above $55 on Libyan field shutdown, Syria

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleOil rises further above $55 on Libyan field shutdown, Syria

Libya's Sharara oilfield was shut on Sunday after a group blocked a pipeline linking it to an oil terminal,
London - Arab today

Oil rose further above $55 a barrel on Monday, supported by another shutdown at Libya's largest oilfield and heightened tension over Syria following the US missile strike.

Libya's Sharara oilfield was shut on Sunday after a group blocked a pipeline linking it to an oil terminal, a Libyan oil source said. The field had only just returned to production, after a week-long stoppage ending in early April. 

"High, unscheduled production outages are still giving (oil prices) a boost," said Carsten Fritsch of Commerzbank.

Brent crude, the international benchmark, rose 42 cents to $55.66 at 0840GMT. US crude was up 33 cents at $52.57.

Oil also climbed on heightened tension in the Middle East, a region that is home to more than a quarter of the world's oil output. Crude rallied last week after the United States fired missiles at a Syrian government air base.

Libya's Sharara field was previously shut for a week until April 2. The Opec state has been pumping a fraction of potential output because of conflict and unrest since the 2011 civil war.

Oil prices have also been supported by a deal led by the Organization of the Petroleum Exporting Countries (Opec) to cut output by 1.8 million barrels per day for the first six months of 2017. Libya, and another Opec member Nigeria, are exempt from cuts.

Last week's rise in prices was due to "the relatively high Opec adherence to the supply cut agreement and the general belief that the deal will be extended and, secondly, because of geopolitical developments," Tamas Varga of oil broker PVM said.

However, the price rally has been limited, as oil price gains have encouraged production in other countries such as the United States, filling some of the gap left by Opec-led cuts.

US drillers added oil rigs for a 12th straight week, energy services firm Baker Hughes said on Friday, as energy companies boost spending on new production.

Source: Timesofoman
themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil rises further above 55 on libyan field shutdown syria oil rises further above 55 on libyan field shutdown syria

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 07:05 2017 Wednesday ,06 September

Netanyahu to make first Latin America trip by Israeli PM

GMT 06:21 2012 Wednesday ,02 May

The \'Manhunt\' to capture Osama Bin Laden

GMT 11:25 2017 Wednesday ,05 April

Mexico to put endangered vaquita porpoises in refuge

GMT 13:10 2014 Sunday ,02 November

More daylight means active, healthier kids

GMT 19:34 2012 Tuesday ,10 January

Keeper

GMT 17:09 2012 Friday ,16 March

The enigma of Asma al-Assad

GMT 05:22 2015 Friday ,13 February

Why do zebras have stripes?

GMT 10:31 2016 Monday ,12 December

Second Sydney airport cleared for take off

GMT 12:03 2017 Tuesday ,07 February

Five-time NBA champion Rodman convicted over crash

GMT 08:17 2016 Sunday ,25 December

tar sands oil may threaten ocean environment
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle