09:06 AM EDT, 08/29/2024 (MT Newswires) -- Oil prices moved higher early on Thursday, finding support on weak supply after the suspension of exports from Libya after two days of losses spurred by demand worries.

West Texas Intermediate crude for October delivery was last seen up US$0.52 to US$75.04, while October Brent crude, the global benchmark, was up US$0.41 to US$79.06.

The rise comes amid uncertainty over supply, as one of Libya's two competing governments this week suspended oil exports in a battle for control of the North African country's central bank. cutting supply by as much as one-million barrels per day.

"In Libya, oil production in the eastern part of the country is shut due to fractions over the control of the embattled OPEC member's central bank. As much as 1 mbpd of output might be affected for several weeks, consultancy Rapidan Energy Group estimates," PVM Oil Associates noted.

Still prices remain rangebound despite the supply drop as the Energy Information Administration on Wednesday reported U.S. oil inventories fell by 0.8-million barrels last week, under the consensus estimate for a 2.3-million barrel draw.

Weak demand from China is moderating prices., with Bloomberg reporting the country's oil imports fell 2.9% in the first seven months of 2024 from the same period a year earlier.