Investing.com - Oil prices rose on Monday on reports of falling exports out of Libya coupled with a bullish U.S. report revealing increasing output at the country's factories, mines and utilities.
On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD98.48 a barrel during U.S. trading, up 0.64%.
The commodity hit a session low of USD97.39 and a high of USD98.80. The December contract settled up 0.76% at USD97.85 a barrel on Friday.
Crude prices shot up on Reuters reports that exports from Libya dropped to approximately 250,000 barrels per day, down from an overall capacity of 1.25 million barrels per day, due to labor protests disrupting operations at major oilfields and ports.
Separately, the commodity saw support on surprisingly strong industrial output data in the U.S., which sparked fresh expectations for a more robust U.S. recovery that will hike demand for fuel and energy going forward.
The Federal Reserve reported on Monday that U.S. industrial production rose by a 0.6% last month, above expectations for a 0.4% rise and the fastest increase in seven months.
Meanwhile on the ICE Futures Exchange, Brent oil futures for November delivery were up 1.89% at USD108.96 a barrel, up USD10.48 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD98.48 a barrel during U.S. trading, up 0.64%.
The commodity hit a session low of USD97.39 and a high of USD98.80. The December contract settled up 0.76% at USD97.85 a barrel on Friday.
Crude prices shot up on Reuters reports that exports from Libya dropped to approximately 250,000 barrels per day, down from an overall capacity of 1.25 million barrels per day, due to labor protests disrupting operations at major oilfields and ports.
Separately, the commodity saw support on surprisingly strong industrial output data in the U.S., which sparked fresh expectations for a more robust U.S. recovery that will hike demand for fuel and energy going forward.
The Federal Reserve reported on Monday that U.S. industrial production rose by a 0.6% last month, above expectations for a 0.4% rise and the fastest increase in seven months.
Meanwhile on the ICE Futures Exchange, Brent oil futures for November delivery were up 1.89% at USD108.96 a barrel, up USD10.48 from its U.S. counterpart.