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Oil prices gain with supply fears over Libya, Rosneft

Oil prices gain with supply fears over Libya, Rosneft
Missiles struck close to highly explosive LPG tanker in Tripoli

By Ovunc Kutlu

ANKARA (AA) - Crude oil prices were trading with gains on Wednesday as a result of growing supply concern in Libya and with U.S. sanctions on a subsidiary of Russian oil firm Rosneft.

Libya's National Oil Corporation (NOC) said in a statement on Tuesday that fuel vessels were urgently evacuated from the Tripoli port and all offloading operations were cancelled after missiles struck close to a highly explosive liquefied petroleum gas (LPG) tanker discharging in the port.

After the attack, the LPG tanker and a gasoline tanker in Tripoli immediately left the port for safe waters, according to the statement.

"Today’s attack on Tripoli port could have led to a humanitarian and environmental disaster and it could have a significant impact on a crowded region like Tripoli," NOC Chairman Mustafa Sanalla said in the statement.

The U.S. imposed sanctions Tuesday on a subsidiary of Russian energy firm Rosneft for allegedly helping to skirt sanctions on Venezuela.

The sanctioning of Rosneft Trading S.A., a Switzerland-incorporated subsidiary that the U.S. State and Treasury departments said serves as an oil brokerage firm, was done because it operates in Venezuela's oil sector, which the U.S. sanctioned in January 2019.

Due to increasing supply risks on the global oil market, crude prices showed some gains.

International benchmark Brent crude was trading at $58.19 per barrel at 0636 GMT on Wednesday for a 0.9% gain after closing Tuesday at $57.67 a barrel.

American benchmark West Texas Intermediate was at $52.70 a barrel at the same time for a 0.57% increase after ending the previous session at $52.40 per barrel.

source: News Feed
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