Oil prices rose almost 2 percent on Monday,Venezuela after said OPEC and non-OPEC producers were close to reaching an output stabilizing deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.
Venezuelan President Nicolas Maduro has said that a deal could be announced this month to stabilize oil markets, which have come under pressure due to a persistent glut and a price collapse over the past two years.
Brent crude futures were at $46.59 per barrel at 0301 GMT, up 82 cents, or 1.8 percent, from their previous settlement. U.S. crude was up 88 cents, or about 2 percent, at $43.91 a barrel.
The rise in oil prices is a reaction to Venezuelan comments about producers reaching a possible output agreement, said Ric Spooner, CMC Markets’ chief market analyst. Loading disruptions in Libya were also underpinning the market, Spooner added.
“(Libya) unable to get their first ship loaded is a reminder that it may be difficult for...