Oil prices rise to $ 56 a barrel



11/04/2017 10:00 Number of readings: 67

Trend Press / Agencies


Oil prices rose towards $ 56 a barrel on Tuesday, supported by a new closure of Libya's largest oil field over the weekend and geopolitical tensions following a US missile attack on Syria last week.

"The spark field in Libya was closed on Sunday after it closed a pipeline linking it to an oil port," a Libyan source in the oil sector said. The field had just returned to production after a break for a week that ended in early April.

The standoff was boosted by oil prices that began late last week after the United States fired rockets at a Syrian air base.

"Syria produces small amounts of oil, but the Middle East has more than a quarter of the world's crude," analysts said.

Global Brent crude was up 74 cents, or 1.34 percent, to settle at $ 55.98 a barrel, while US crude rose 84 cents, or 1.61 percent, to $ 53.08 a barrel.

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