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Union Jack Oil

Oil rises as Libyan oilfields shut down

Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC  member to a trickle.

Brent crude was up 37 cents, or 0.6%, at $65.22 by 0952 GMT, having earlier touched $66 a barrel, the highest since Jan. 9.

The West Texas Intermediate contract was 24 cents, or 0.4%, higher at $58.78 a barrel, after rising to $59.73, the highest since Jan. 10.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.