Energy prices continued to trade in the green on Tuesday, extending gains from earlier today as Libyan output turmoil cut the country’s oil production. Libyan output of oil dropped by 252,00 barrels per day after production at two of its fields Sharara and Wafa has been stopped after they were blocked by armed factions.
Meanwhile, investors were reassured by comments from officials of several oil-exporting countries on output cut extension. Both Iranian oil minister Bijan Zanganeh and Azerbaijani Energy Ministry spokeswoman Zamina Aliyeva made remarks, confirming countries’ willingness to consider further production caps. In December 2016, OPEC members and other major oil producing countries led by Russia agreed to cap global oil production by as much as 1.8 million barrels per day in order to battle the energy market oversupply that has been prevailing for three years.
West Texas Intermediate for May delivery rose 1.86%, changing hands for $49.20 per barrel at 5:45 pm CET. International benchmark Brent for settlements in the same month gained 1.69% to trade for $51.80 per barrel at the same time.
