Crude Rises to Levels Unseen Since 2015

Crude Rises to Levels Unseen Since 2015
A visitor passes ENOC-branded oil barrels stored at the Emirates National Oil Co. lubricants and grease manufacturing plant in Fujairah, United Arab Emirates, on Monday, March 12, 2012. ENOC, as Dubai’s government-owned refiner is known, will expand the plant’s capacity to 250,000 tons a year by 2014, it said. Photographer: Gabriela Maj/Bloomberg

Following a pipeline explosion in Libya, oil prices rose to highs not seen since mid-2015, Reuters reports.

Brent crude prices hit $67.10 per barrel while WTI crude hit $60.01 on Tuesday, the news agency reports.

They have since retreated from Tuesday’s highs.

The explosion in Libya is projected to cut production by 70,000 to 100,000 barrels per day (b/d) and indicates the continued challenges the war-torn country faces to revive its oil industry.

Crude prices have rallied by 17% this year following the implementation of a production-cut agreement in January by OPEC and a number of other oil producers, Business Insider reports.

In November, OPEC and its partners agreed to extend the production cuts until the end of 2018, Bloomberg reported at the time.

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