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MTECHTIPS:-Oil Prices Gain Amid Libya Clashes

Monday, April 8, 2019 2:48

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MTECHTIPS:-Oil Prices Gain Amid Libya Clashes

MTECHTIPS-Oil prices gained on Monday in Asia as the escalating conflict in OPEC producer Libya raised supply concerns. U.S. Crude Oil WTI Futures rose 0.5% to $63.43 by 11:15 PM ET (03:15 GMT), while the international Brent Oil Futures also gained 0.%% to $70.71. Halifax Haft, a military strongman who controls eastern Libya, reportedly attempted to enter the capital Tripoli. His army continued its push on Sunday and conducted airstrikes on a road leading to the capital. At least 35 people have been killed in clashes since last week, Bloomberg reported. It was reported on Monday that Libya’s internationally-recognized government said it would launch a counterattack against Haftar. “The risk of this expanding across the country is rising by the day,” analysts at ANZ wrote in a note. Year-to-date, WTI is up about 39% and Brent is nearly 31% higher. Oil prices have been supported by OPEC’s production cut and better-than-expected economic data from both China and the U.S., the world’s two largest oil importers

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