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- Oil prices traded higher today
Oil prices traded higher today
Oil prices edged up on Friday despite pressure from potential production increases in Libya, where operations have restarted at two key oil fields.
Even after OPEC cobbled together a deal to cut almost 2% from global oil production to tackle a supply glut and rally prices, returning production from major oil producers such as Libya is threatening to boost supply. says Dow Jones.
Libya's oil production has dropped steeply in the past five years, since dictator Moammar Gadhafi's 2011 ouster, but in recent months it has been ramping back up. Earlier this week Libyan officials said revived production could bring back more than 200,000 barrels a day of oil within days
Brent crude, the global oil benchmark, rose 0.54% to $54.32 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.14% at $50.96 a barrel.
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