Libyan crises pushes oil price to highest level for 2019

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Oil gushed back up past $70 a barrel to its highest level this year on Monday as fresh fighting in Libya reignited fears of civil war in the north African nation.

Brent crude hit $70.80 a barrel on Monday morning as Libya’s eastern military leader, General Khalifa Haftar, ordered his forces to march into Tripoli.

The move triggered fears in the oil market that civil war could wipe out oil exports from Libya, which produced about 1.1 million barrels of oil a day last month.

Saxo Bank’s head of commodities, Ole Hansen, said: “While its oil fields are located far from Tripoli it nevertheless raises the temperature a few more notches.”

via The Guardian CNBC / The Telegraph

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