SINGAPORE (Reuters) – Oil prices rose on Thursday, extending gains from its previous session, as the market shifted focus to supply disruptions, while demand concerns eased some after a sharp drop in new coronavirus cases at the epicenter of the outbreak.
Conflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft (MM:ROSN) could cut more Venezuelan crude from the market, rekindling global oil supply worries.
Brent crude futures (LCOc1) were up 14 cents, or 0.2%, to $59.26 a barrel by 0505 GMT, after climbing to as high as $59.71 earlier in the day. The international benchmark rose 2.4% on Wednesday.
West Texas Intermediate (WTI) crude futures (CLc1) climbed 25 cents, or 0.5%, to $53.54 per barrel.