Crude Rises as Libya Seen Cutting Shipments From Biggest Field
- Libyan crude output said to decline to 560,000 barrels a day
- U.S. crude supplies rose 1.91 million barrels last week: API
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Crude rose on reports Libya has curbed shipments from its biggest field, tempering concerns about the global supply glut.
Futures rose 1.3 percent in New York after the North African country was said to declare force majeure in the loading of Sharara crude from the Zawiya terminal. Force majeure is a legal clause that allows companies to halt shipments without breaching contracts. Libya’s output has dropped to 560,000 barrels a day following the shutdown of the pipe from the Sharara field, a person with knowledge of the matter said earlier. Prices were little changed after an industry report was said to show U.S. supplies rose last week.