MTECHTIPS-Crude settled higher on Monday, after production halted at Libya’s largest oilfield for the second time in as many weeks while rising geopolitical tensions in the Middle East lifted sentiment. On the New York Mercantile Exchange crude futures for May delivery gained 84 cents to settle at $53.08 a barrel, while on London’s Intercontinental Exchange, Brent gained 70 cents to trade at 55.95 a barrel. Libya’s Sharara oilfield was shut on Sunday, after a group blocked a pipeline linking it to an oil terminal, a Libyan oil source said. Crude prices continued to trade with upside bias, after last week’s U.S. missile strike on an airbase in Syria, underpinned a rally in oil prices, as investors worried about potential supply disruptions in the region. Although, Syria is no longer a significant oil producer, it neighbors and has relationships with big oil producers in the oil-rich region. A rise in geopolitical tensions and potential supply disruptions overshadowed concerns that rising levels of global oil supply, particular in the U.S., would dampened OPEC’s effort to drain the glut in supply. Meanwhile, Kuwait oil chief, Essam al-Marzouq, fuelled expectations that OPEC would reveal further cuts in March compared to previous months, after he said he expected producers’ level of compliance with the deal to cut global supply would “be higher than the previous couple of months”.
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