Libya Force Majeure Pushes Up Oil, U.S. Crude Hits Highest Since Late 2014

Oil prices rose on Tuesday after Libya declared force majeure on some of its supplies, while an ongoing Canadian outage lifted U.S. crude to levels not seen since late 2014.

U.S. West Texas Intermediate (WTI) crude futures were at $74.73 at 0724 GMT, up 79 cents, or 1.1 percent, from their last settlement. They earlier marked their strongest since November 2014 at $74.84 a barrel.

Traders said this was largely due to an expected fall in North American fuel inventories following the 350,000 barrel per day (bpd) Syncrude outage in Canada.

Outside North America, Brent crude oil futures were at $77.77 per barrel, up 44 cents, or 0.6 percent.

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Suhani Verma

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