Russia Has Found No Place Yet to Invest Reserves After Sanctions

Reuters

Oil rises as Libya outages add to Russia supply fears

LONDON (Reuters) -Oil rose on Monday in choppy trade, with Brent crude topping $113 a barrel, as outages in Libya deepened concern over tight global supply and the Ukraine crisis dragged on, offsetting concern over slowing Chinese demand. Adding to supply pressures from sanctions on Russia, Libya’s National Oil Corp on Monday warned “a painful wave of closures” had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites. “With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices,” said Jeffrey Halley, analyst at brokerage OANDA.