Oil climbs on Libya force majeure, Canada outage

LONDON (Reuters) – Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted U.S. crude to levels not seen since late 2014. U.S. light crude CLc1 jumped 90 cents, or 1.2 percent, to $74.84 a barrel, its highest since November 2014, before easing back to $74.59, up 65 cents, by 0810 GMT. Benchmark Brent crude oil LCOc1 was up 45 cents at $77.75. Production at Syncrude Canada’s 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta, was hit by a power outage last month and is likely to remain offline through July, helping drain U.S. inventories. A Reuters survey estimated U.S. crude oil stockpiles fell for a fourth consecutive week, by about 3.3 million barrels, in the week ended June 29. Stocks of gasoline and middle distillates such as heating oil and diesel fuel also drew, the survey showed. Libya’s National Oil Corp (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in 850,000 bpd of supplies being disrupted. “Oil bulls seem to have returned after Libya suspended oil exports from two key ports,” said Hussein Sayed, chief… continue reading

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