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Oil extends gains on Libya news

Oil prices were on a steady upward trajectory on Monday, April 19, with Brent advancing 0.45% to $66.62/bbl, and WTI closing 0.57% higher at $63.44/bbl.

Libya’s state-owned National Oil Corporation announced a temporary suspension of oil exports through the Port of Hariga due to the Central Bank of Libya’s failure to allocate funds for the country’s oil budget, causing the port to incur debts. The oil market reacted to this unexpected supply cut with a strong move to the upside.

Prices shot higher this morning on the news from Libya. At the time of writing, Brent was up 0.87% above $67/bbl, and WTI rose 0.9% to a new local high of $64/bbl. Our Brent price forecast for today is in the range of $66.8-68/bbl.

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