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Oil rises above $79 a barrel on Norway strike, Libyan disruption

Reuters  |  TOKYO/LONDON 

By Aaron Sheldrick and Dmitry ZhdannikovTOKYO/LONDON (Reuters) - Oil prices rose more than $1 per barrel on Tuesday due to growing supply outages, with Norway shutting one oilfield as hundreds of workers began a strike and Libya saying its production more than halved in recent months.The disruptions add to supply worries around the world. Venezuela's production has collapsed due to a lack of investment and Iranian exports have suffered due to U.S sanctions. OPEC has little capacity to fill the gap as demand for oil quickens.Benchmark Brent oil futures rose by 96 cents, or 1.2 percent, to ...

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First Published: Tue, July 10 2018. 16:39 IST
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