For the first time in three days the price of oil has increased. This happened amid expectations of a reduction in world oil supply due to the escalating conflict in Libya.
In particular, February Brent crude on London’s ICE Futures has risen by 0.66% to $59.84, TASS reports, referring to the Bloomberg agency.
According to a representative of the Libyan government, oil tanks holding four times the daily production potential of the country are under threat in the largest Libyan oil exporting port of Es Sider if fires spread due to strong winds.
For his part, Algerian Energy Minister Youcef Yousfi called on the Organization of Petroleum Exporting Countries Countries to cut output to boost prices.
