US West Texas Intermediate(WTI)and UK Brent crude oil benchmark prices increased in the week to April 12,with WTI up for its sixth straight week and Brent up for its third,as violence in Libya added to global crude supply concerns.Oil prices commenced die week on Monday with upswings,hitting fresh five-month highs,on increasing geopolitical tension and fighting in Libya,where a disruption to oil output and exports could prove to be the next flashpoint for uncertainty and oil prices,market watchers noted.Libya's oil production and exports have ebbed and flowed in recent years,as the country struggles with political fighting and civil unrest.“The violence in Libya is captivating the market,” said John Kilduff with Again Capital.“Given the intense efforts of Saudi Arabia and other countries to restrict output,there is a sense that losing die Libyan oil,again,has the makings of a supply crunch.” In addition to OPEC's supply cuts,other sources of supply disruptions have emerged in the form of US sanctions on oil sales from Iran and Venezuela.
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