Oil prices continued to swing on Monday as investors weighed growing supply concerns amid crude production halting in Libya and the increasing likelihood of stiffer western sanctions on Russian oil exports against the impact of continued Covid-19 lockdowns in China on global oil demand.
Brent, the global benchmark for two thirds of the world's oil, which has been fluctuating in the $110.71 to $113.80 range on Monday, rose 0.22 per cent to $112 a barrel at 2.48pm UAE time. West Texas Intermediate, the gauge that tracks US crude, climbed 0.13 per cent to $107.01 a barrel.
Both gauges rose during early trade, rallying on from Thursday when Brent gained 2.68 per cent and WTI surged 2.59 per cent, to record their first weekly gain this month.
Libya's National Oil Corporation (NOC) was forced to declare force majeure and shut down its Zueitina oil port, including all fields and producing stations associated with the port and shipping facilities, on Monday, due to political protests.
Force majeure points to an unforeseen set of circumstances preventing a party from fulfilling a contract.
NOC was also forced to shut down its El Feel oilfield in the south-west of the country on Sunday, after a group of individuals entered the site on Saturday and prevented employees from working.
Read more