Oil prices continued to rise for the third consecutive day, as prospects of further supply shortages cast a shadow over the market due to disruptions in Libya and Ecuador. The Ministry of Energy in Ecuador announced that oil production had decreased by more than half due to road closures and vandalism linked to anti-government protests that began two weeks ago.
The Ministry of Energy stated in a statement, "Oil production is at a critical level. Today's figures show a decline of over 50%," noting that production was around 520,000 barrels per day before the protests. Libya, a member of OPEC, also indicated today that it might have to halt oil exports in the Sirte Basin within 72 hours amid disruptions that have constrained production.
U.S. West Texas Intermediate crude futures rose by $1.13, or 1%, to $110.70 a barrel by 0332 GMT, after gaining 1.8% at yesterday's settlement. Brent crude futures increased by $1.26, or 1.1%, to $116.35 a barrel, marking a 1.7% rise in the previous session's settlement.
