Oil prices rise as Libyan oil exports remain halted By Investing.com

Oil futures opened modestly after three straight weeks of losses. Oil prices have been under pressure recently, influenced by concerns about a potential slowdown in demand from China, a major importer, coupled with the possibility of increased supply from major producers.

By 18:31 EST (22:31 GMT), crude futures were up 0.2 percent at $73.70, while the contract was up 0.32 percent at $77.26.

Oil exports from key Libyan ports were suspended on Monday and production was cut nationwide due to an ongoing dispute between rival political groups over the management of the central bank and oil revenues.

This disruption caused National Oil Corp. (NOC) of Libya to declare force majeure on the El Feel oil field, effective September 2.

Despite these disruptions, experts suggest the impact may be limited. Libya’s Arabian Gulf oil company managed to resume production at around 120,000 barrels per day on Sunday, with the aim of feeding the Hariga port power plant.

Further weighing on oil markets, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, plan to continue with scheduled production increases starting in October, Reuters reported.