West TX Oil back above $97 on Libya Supply Woes

Crude rose by more than 1 percent on Monday, boosted by expectations for rising demand from positive European economic data, while supplies remained cut off from Libya.

The closure of the Libyan oil ports is preventing export of several hundred thousand barrels per day (bpd) of high quality, light crude.Libyan port blockages, along with strikes by oil workers, civil servants, tribesmen and other protesters at oilfields across the desert country, have slashed its oil exports to around 110,000 bpd from more than 1 million in July.

Analysts worry that Libya is sliding into chaos as the government struggles to rein in militias and tribesmen who helped topple Muammar Gaddafi in 2011 but kept their weapons and control parts of the OPEC-member country.

CNBC

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