Fighting in Libya Pushes Brent Crude Trading to Nearly $61
Oil rose more than $1 in volatile trade on Tuesday as fighting in Libya and signs of stronger global demand outweighed persistent concerns about a supply glut.
Brent crude futures rose more than $2 at one point before slipping back to trade just below $61, recovering from their biggest one-day decline in a month on Monday.
Rival Libyan forces carried out tit-for-tat air strikes on oil terminals and an airport, reviving fears over supplies from the OPEC member and helping Brent recover above the $60 level that has anchored prices since mid-February.
Oilfields and ports are increasingly a target in Libya's conflict, which pits two rival governments and their armed forces against each other, nearly four years after the uprising that ousted leader Muammar Gaddafi. Forces claiming allegiance to Islamic State have also targeted oilfields and pipelines.Click here to read more.
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