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Mon Apr 8, 2019, 12:54 PM

Oil Hits Five-Month High on OPEC Cuts, U.S. Sanctions and Libya Fighting

Stephanie Kelly

NEW YORK (Reuters) - Oil prices rose to a five-month high on Monday, driven by expectations for tighter global supply from fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.

FILE PHOTO: Storage tanks are seen at Ecopetrol's Castilla oil rig platform, in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez/File Photo
International benchmark Brent futures gained 56 cents, or 0.8 percent, to $70.90 a barrel by (1448 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $1.09, or 1.7 percent, to $64.17 a barrel.

Brent and WTI hit their highest since November at $70.99 and $64.39 a barrel, respectively.

Prices extended gains after crude stockpiles at Cushing, Oklahoma, the delivery point for WTI, fell by about 419,000 barrels last week, traders said, citing data from market intelligence firm Genscape.

Investors already were focused on supply during the session as fighting in oil-rich Libya threatened to disrupt exports. Eastern forces were advancing on the country’s capital, disregarding global appeals for a truce.

MORE...

https://www.reuters.com/article/us-global-oil/oil-hits-five-month-high-on-opec-cuts-u-s-sanctions-and-libya-fighting-idUSKCN1RK017?feedType=RSS&feedName=businessNews

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Reply Oil Hits Five-Month High on OPEC Cuts, U.S. Sanctions and Libya Fighting (Original post)
RCW2014 Apr 8 OP
quad489 Apr 8 #1
orson Apr 8 #2
oflguy Apr 8 #4
RCW2014 Apr 10 #6
Charlie Mike Apr 8 #3
uncledad Apr 10 #5

Response to RCW2014 (Original post)

Mon Apr 8, 2019, 01:06 PM

1. ''trumprecession''...LOL!!!

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Response to RCW2014 (Original post)

Mon Apr 8, 2019, 07:40 PM

2. Gasoline is $3.27 a gallon

and rising. We're back to the $60 fill-up.

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Response to orson (Reply #2)

Mon Apr 8, 2019, 08:13 PM

4. Not high enough yet for you orson?

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Response to orson (Reply #2)

Wed Apr 10, 2019, 04:10 PM

6. Ours just hit $3.00 a gallon here in mid-michigan today. Glad I filled up yesterday.

MAGA!!!

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Response to RCW2014 (Original post)

Mon Apr 8, 2019, 07:54 PM

3. Sure to spur domestic production.

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Response to RCW2014 (Original post)

Wed Apr 10, 2019, 03:01 PM

5. From out of nowhere...well almost...

Militias from the western Libyan cities of Zawiya and Misrata said Friday that they would resist an advance on the capital by Libyan National Army commander Khalifa Haftar, with reports that his forces had been pushed back from a key checkpoint near the city. The push toward Tripoli by Haftar comes amid growing fears of a renewed civil conflict in Libya.

United States military said on Sunday it had pulled some of its forces out of Libya. The temporary withdrawal came amid an upsurge in fighting in the oil-rich country.

the plot thickens...

Haftar, after being abandoned by Gaddafi, was rescued by the US. "William Casey, the head of the CIA, had this idea of creating a Libyan force on Chadian soil to be able to conduct an attack, an incursion, into Libya and hurt dictator Muammar Gaddafi ... They went to Haftar and they said, 'If you want to be free you have to work for us.'"

The US plan to overthrow Gaddafi failed.

In 1990, Harchaoui says, the US airlifted Haftar and hundreds of his fighters to Virginia, and for the next 20 years, Haftar called the US home. He even got US citizenship. Haftar finally went back to Libya in 2011, just as the Arab Spring began. President Gaddafi, his former boss, was captured and killed, and Libya slipped into chaos.

In the following years, Haftar made a name for himself as a military strongman. He patterned himself after the Egyptian general, Abdul Fattah al-Sisi, who brought stability — and authoritarian rule — to Egypt by leading a campaign to eliminate the Muslim Brotherhood. Haftar followed Sisi's example, defeating Islamist fighters in Libya's eastern city, Benghazi.

Yes that ... Benghazi !!

https://www.pri.org/stories/2019-04-10/libyan-warlord-took-twisted-path-tripoli

and the Saudi who want higher oil prices...

DUBAI (Reuters) - Saudi Arabia's King Salman met on Wednesday the commander of the Eastern Libyan forces Khalifa Haftar, the Saudi foreign ministry said in a tweet.

King Salman made assurances during the meeting of the Kingdom's keenness for the security and stability of Libya, the foreign ministry said. March 27, 2019.

https://www.usnews.com/news/world/articles/2019-03-27/saudi-king-salman-meets-libyas-general-haftar

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