Oil price hits $67, highest in over two years

Oil Cargo
Oil vessel used to illustrate the story

Oil prices have touched two-and-a-half year highs in light volume boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts.

Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage.

A Libyan military source said earlier that armed men had planted explosives at the pipeline.

The country’s output had been recovering in recent months after being held down for years by conflict and unrest.

Brent crude, the international benchmark for oil prices, has risen to 66.76 dollars a barrel. Prices hit a session high of 66.83 a barrel.

U.S. crude climbed to 59.76 dollars a barrel after touching a session high of 59.86 dollars.

The impending restart of a key North Sea pipeline, Forties, limited the rally.

The pipeline is being tested after repairs and full flows should resume in early January, its operator said on Monday.

The producers have extended the supply cut agreement to cover all of 2018.

(Reuters/NAN)

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