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Libyan oilfields shut down, Oil price hits $65

Disruption from Libya is swinging the global oil market price.

Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC member to a trickle.

According to -Brent crude LCOc1 was up 41 cents, or 0.6 per cent, at $65.26 by 1116 GMT, having earlier touched $66 a barrel, the highest since January 9.

The West Texas Intermediate CLc1 contract was up 27 cents, or 0.5 per cent, at $58.81 a barrel, after rising to $59.73, the highest since January 10.

Two major oilfields in southwest Libya began shutting down on Sunday after forces loyal to Khalifa Haftar closed a pipeline, potentially cutting national output to a fraction of its normal level, the National Oil Corporation said.

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