Oil gained as Libya’s crude exports from a key terminal were disrupted and Saudi Arabia pledged that global producers will ease their output curbs without shocking the market.
Futures in New York rose as much as 0.6%, after rising 3% the previous two sessions. Libya’s crude loadings from the Mellitah terminal will be “modified” after protests impeded output at the El-Feel field.
Cuts by OPEC and its allies may be phased out in 2019 in a way that won’t disturb the market, Saudi oil minister Khalid Al-Falih said. Still, US supply remains a threat, with the nation’s rig count rising for a fifth week to the highest since April 2015.
You might also like