Oil Holds Near 1-Week High as Biggest Libyan Oilfield Disrupted
Futures were little changed in New York after rising 3.7 percent the previous two sessions. Libya declared force majeure, a legal clause that allows the suspension of deliveries, on supplies from the Sharara field after it was blocked on Sunday, National Oil Corp. Chairman Mustafa Sanalla said. Drillers targeting crude trimmed the rig count by five to 763, the second decline this month, according to data Friday from Baker Hughes Inc. “The fragility of Libya’s production increase” was highlighted by the problem at Sharara, said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. “Considering that the political situation and security issues remain unresolved, production gains can be quickly reversed.” Click Read More below for more of the story.