Oil prices rose on Monday on concerns that Iran's seizure of a British tank...
SINGAPORE/TOKYO - Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported the shut down of its largest oil field.
“Falling global demand and rising U.S. stockpiles have helped turn oil charts very bearish, but that may not last as tensions remain high in the Persian Gulf,” Edward Moya, senior market analyst at OANDA in New York, said in a note. Britain was weighing its next moves on Sunday, with few good options apparent as a recording emerged showing that the Iranian military defied a British warship when it boarded and seized the ship.
Libya’s National Oil Corporation declared a force majeure on Saturday at the country’s largest oilfield, El Sharara, after it was shut down the previous day causing a production loss of about 290,000 barrels per day .
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