Oil trades near highest since mid-2015 on Libya pipeline blast

An attack on an oil pipeline in Libya could shrink the country's oil exports by upwards of 100,000 barrels a day. The oil price has risen more than 2.5 percent.

Photo: Wintershall

Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya's biggest export terminal curbed the OPEC nation's production.

Futures were little changed in New York after rising 2.6 percent on Tuesday and breaching USD 60 a barrel for the first time since June 2015. A pipeline run by Waha Oil Company that carries crude to Libya's Es Sider terminal exploded Tuesday, reducing output by 70,000-100,000 barrels a day. Meanwhile, Saudi Arabia is said to expect oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade.

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