OilBarrelCorbisBarbaraDavidson460Brent crude rose above $108 a barrel on Monday after a new drop in Libya’s oil exports revived supply concerns, while strong gains in U.S. industrial output boosted demand hopes.

Libya’s crude oil exports have fallen to the lowest level in six weeks after operations at its western port of Zawia were suspended at the weekend. Libya’s exports are now less than 250,000 barrels per day (bpd), according to Reuters calculations, compared with a capacity of more than 1.2 million bpd.

Crude output from the Organization of the Petroleum Exporting Countries (OPEC) member partly resumed in September following weeks of unrest in the north African country as some oilfields in the east remain shut.

London Brent crude for December delivery was trading about $2 higher above $109 a barrel, after settling down 6 cents on Friday. U.S. crude for December delivery was up about 50 cents above $98 a barrel.

 

Information from Reuters/CNBC was used in this report.

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