SINGAPORE — Oil prices rose almost 2% on Monday, after Venezuela said Opec and non-Opec producers were close to reaching an output stabilising deal and as clashes in Libya raised concern that efforts to restart crude exports could be disrupted.Venezuelan President Nicolas Maduro has said that a deal could be announced in Setoember to stabilise oil markets, which have come under pressure due to a persistent glut and a price collapse over the past two years.Brent crude futures were at $46.59 a barrel at 3.01am GMT, up 82c, or 1.8%, from their previous settlement. US crude was up 88c, or about 2%, at $43.91 a barrel.The rise in oil prices was a reaction to Venezuelan comments about producers reaching a possible output agreement, said Ric Spooner, CMC Markets’ chief market analyst. Loading disruptions in Libya were also underpinning the market, Spooner added."(Libya) unable to get their first ship loaded is a reminder that it may be difficult for Libya to increase production."Clashes in...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.