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Oil Prices Moderately Rise After Libya Supplies Cessation

Oil prices grew on Monday amid supply worries after output was affected in Libya and Iraq. Recall, in Libya, two big oil wells started shutting down after a military conflict. Meanwhile, Iraq stopped temporarily work at an oil well on Sunday, whereas supply from a 2nd site is also at risk amid unrest and anti-government riots in the country. Oil prates reached the highest level in 2 weeks during Asian trading session but pared some of the gains, registered during European trade.

Oil has been growing since the beginning of the day due to the risks of a decline in Libyan supplies after the start of the operation suspension on the two large fields amid ongoing military conflict in the country.

Brent international benchmark for January futures grew by 0.51 percent, to $65,18 per barrel, while U.S. WTI light crude oil futures with delivery in January added 0.58 percent, to $58,88 per barrel at 0925 GMT.

Significant support in the coming days may be the tax period, the peak of which falls on January 27-28, and the growth of exporters activity in the market.