Oil price climbs as Venezuela offers hope of deal while Libya suffers clashes

Oil prices rose almost two per cent on Monday when Venezuela said producers were close to reaching a deal on stabilising output. Venezuelan President Nicolas Maduro said that an agreement between OPEC and non-OPEC producers to stabilise markets could be announced this month. The increase came as clashes in Libya raised fears that work to restart crude exports could be disrupted. Clashes there cut short the loading of the first oil cargo from the port of Ras Lanuf in close to two years, also raising fears of a fresh conflict over the country’s petrochemical resources. Brent crude futures were at $46.59 per barrel early on Monday morning. United States crude was up 88 cents, or about two per cent, at $43.91 per barrel.

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