Crude prices jump on Libya export blockage, Iraq disruptions
SINGAPORE (Bloomberg) - Oil gained in Asian trading Monday following supply disruptions and political instability in key producers Libya and Iraq.
Futures in New York rose as much as 2%, after ending little changed on Friday. A blockage of oil exports at Libya’s ports is expected to cut the country’s output by about 800,000 barrels a day, and forced the national oil company to declare force majeure on delivery contracts. Meanwhile, Iraq temporarily stopped work on an oil field on Sunday and supply from a second production site is at risk as widespread unrest escalates in one of OPEC’s biggest producers.
