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Oil Rises as Protestors Disrupt Libyan Exports
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Oil Rises as Protestors Disrupt Libyan Exports
Jan 28, 2025 6:37 AM

09:01 AM EST, 01/28/2025 (MT Newswires) -- Oil prices rose off the lowest in nearly a month on Tuesday as protestors disrupted Libyan exports.

West Texas Intermediate crude oil for March delivery was last seen up US$0.76 to US$73.93 per barrel, the highest since Jan.2, while March Brent crude was up US$0.72 to US$77.80.

The rise comes as protesters in Libya prevented tankers from loading at the country's two major ports, Reuters reported, keeping 450,000 barrels per day of exports off the market.

"Prices have received a lift from another supply disruption in Libya that may impact hundreds of thousands of barrels of exports," Saxo Bank noted.

The rise follows on Monday's weak economic data from China, which reported a contraction in its manufacturing sector, continuing concerns over slowing growth for the No.1 oil importer.

"Yesterday the National Bureau of Statistics released ... PMI data. Non-Manufacturing in January barely made expansion at 50.2, but even more worrying for anybody holding hopes that China might revive will be sorely grieved at the Manufacturing count of 49.1 which is full point lower than the anticipated 50.1," PVM Oil Associates said.

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