Thursday, 1/10/2020 | 4:17 UTC+0
Libyan Newswire

Oil Prices jump Because of Canada fire and Fighting in Libya.

Singapore, Oil prices jumped on Thursday, as a raging wildfire near Canada's oil sands region and escalating Libyan violence raised more worries about immediate oil supplies. In Libya, the state's already crippled oil production, an official warned that the country's production could plunge by 120000 bpd if the Benghazi-based NOC continued to prevent tankers from loading at Al Hreiga terminal. Brent futures were up BY 45 cents, to $45.36 a barrel by 0654 a.m., after soaring more than $2 earlier. U.S. crude's West Texas Intermediate (WTI) futures gained 95 cents, or 2.2 percent, to $44.73. The wildfire near Fort McMurray in Alberta, Canada, has grown five times its initial size and spread south on Thursday, forcing more evacuations after 88,000 people fled the city in the nation's energy heartland since Tuesday. Authorities urged residents to move north to the oil sand fields in Alberta, as pipelines in the area were shut down as a precaution halting production in several facilities.

Source: Libyan News Agency