Oil prices extend gains amid concerns about Middle East ‎supplies

Oil prices rose by about 1% today, Thursday, to continue gains amid concerns regarding Middle East supplies following the halt of production in a field in Libya and the escalation of tensions due to the war between Israel and the Palestinian Islamic Resistance Movement (Hamas).

According to Reuters, protests on Wednesday led to a halt in production at the Sharara oil field in Libya, which could produce up to 300,000 barrels per day.

The Sharara field, one of the largest fields in Libya, has been a frequent target of political protests.

By 1148 GMT, Brent crude rose 70 cents, or 0.9%, to $78.95 per barrel. US West Texas Intermediate crude futures increased 74 cents, or 1%, to $73.44.

Both benchmarks rose on Wednesday by about 3%, recording the first rise at settlement in five days.

The market also received support from data from the American Petroleum Institute, which showed that US crude inventories fell by 7.4 million barrels in the week ending December 29, which is double the decline expected by analysts polled by Reuters.

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