Oil prices rose to a fresh 2019 high as the conflict in Libya escalated, prompting fears of supply disruption in the oil-rich North African country and as prices have been supported by Opec supply cuts.
Brent crude rose 0.5 per cent in morning trading in Asia to $70.69 a barrel, its highest level this year. The benchmark briefly rose above the $70 mark last week for the first time since November 2018, supported by Opec’s production cuts and output falls in sanction-hit Iran and Venezuela.
US marker West Texas Intermediate was up 0.6 per cent at $63.49, its highest since early November.
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