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Oil rises further above 60 as Libyan output slumps
(MENAFN- Arab News) LONDON: Oil rose further above $60 a barrel on Friday as unrest in Libya cut supplies offsetting a growing supply glut in top consumer the US and weak imports by Japan.
Fighting in Libya has cut output there to 352000 barrels a day a state oil company spokesman said on Thursday or about half November's average. This countered the US Department of Energy's (DOE) report showing a big stockbuild.
'Libya is a supportive factor' said Olivier Jakob analyst at Petromatrix in Zug Switzerland.
'The fighting in Libya is starting to be more and more about a battle for the oil resources and this will not end well.'
Brent crude was at $60.59 at 1409 GMT up 35 cents while US crude added 38 cents to $56.22 in thin trade as many countries were still on Christmas holiday.
In Libya a rocket set a storage tank at the country's biggest export terminal Es Sider on fire as armed factions allied to competing governments fought for control officials from both sides said on Thursday.
Fighting in Libya has cut output there to 352000 barrels a day a state oil company spokesman said on Thursday or about half November's average. This countered the US Department of Energy's (DOE) report showing a big stockbuild.
'Libya is a supportive factor' said Olivier Jakob analyst at Petromatrix in Zug Switzerland.
'The fighting in Libya is starting to be more and more about a battle for the oil resources and this will not end well.'
Brent crude was at $60.59 at 1409 GMT up 35 cents while US crude added 38 cents to $56.22 in thin trade as many countries were still on Christmas holiday.
In Libya a rocket set a storage tank at the country's biggest export terminal Es Sider on fire as armed factions allied to competing governments fought for control officials from both sides said on Thursday.
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