ANKARA, Sept 13 — Oil prices spiked today, bolstered by supply disruptions in Libya, output cuts from Saudi Arabia and Russia, and positive expectations over the trajectory of...
ANKARA, Sept 13 — Oil prices spiked today, bolstered by supply disruptions in Libya, output cuts from Saudi Arabia and Russia, and positive expectations over the trajectory of the global economy, reported Anadolu.
The American benchmark West Texas Intermediate traded at the same time at US$89.11 per barrel, up 0.30 per cent from the previous session’s close of US$88.84 per barrel. Libya, a large producer of light, sweet crude oil, sends around 85 per cent of its exports to Europe. Conflict-related damage has crippled local refineries, forcing many to go offline or operate at significantly reduced capacity. Furthermore, Libya sells a sizeable quantity of gas to Europe.
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