An oil prices' hike was reported on Monday, as supplies from Libya had been blockaded, while Russia warned of a possible increase in prices to record levels if more countries blockade their production capacity, Bloomberg has reported.
Bloomberg said West Texas crude rose 1.2% to $108.21 a barrel, while Brent crude rose 1.5% to $113.39.
Bloomberg said this hike was due to the shutdown of two Libyan ports after protests against the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibah, not to mention the closure of El Feel oilfield that produces 65,000 barrels per day (bpd).
The National Oil Corporation declared on Sunday force majeure on shipments from Mellitah, in western Libya, after a group of individuals halted production at the El Feel oilfield. Zueitina port in eastern Libya also was also shut down after protesters against Dbeibah's government stormed the port.
