Oil prices rose on Monday as reports of outages in Libya intensified concerns over supply risks, Trend reports citing Xinhua.
The West Texas Intermediate for May delivery added 1.26 U.S. dollars, or 1.2 percent, to settle at 108.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 1.46 dollars, or 1.3 percent, to close at 113.16 dollars a barrel on the London ICE Futures Exchange.
Libya's National Oil Corporation on Monday declared force majeure on the Al-Sharara oilfield, a key oilfield in the country, citing pressure on workers.