Petroleum Africa
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Tuesday, February 27, 2018
Oil prices rose to end out the week on news that Libya had shutdown production from its El Feel field. According to data,crude prices hit their highest in more than two weeks on news of the shutdown.
Brent crude futures rose 92 cents to settle at $67.31 per barrel and West Texas Intermediate (WTI) crude futures rose 78 cents to settle at $63.55 per barrel.
Libya’s El Feel produces 70,000 bpd for Libya and while the North African country has been picking up the pace in its efforts to restore production to pre-civil war levels, a volatility still remains.
“Libya is another outage,” said John Kilduff, partner at investment manager Again Capital in New York in a Reuters report. “This market has benefited from a series of them over the past several months now, whether it’s the Keystone, the North Sea (Forties), and now this.”
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