Oil prices rises as Libya production declines, ME tensions persist

Oil drilling rigs

Oil prices rose on Friday amid the ongoing geopolitical tensions in the Middle East and decline in Libya production by nearly a half on the country's political conditions.

Brent crude futures for November delivery rose 0.34% to $79.09 a barrel, at 08:28 am Makkah time. The October-delivery futures, which expire today, increased 0.33% to $80.20.

Similarly, US West Texas Intermediate (WTI) futures for October delivery were up 0.33% to $76.16 per barrel.

Both contracts rose 1.5% and 1.7%, respectively, this week.

The National Oil Corporation of Libya (NOC) stated on Aug. 29 that the country's average production reached 591,024 barrels per day (bpd) on Aug. 28, compared to 1.18 million bpd in July.

Libya’s eastern government said it will shut down crude output and exports, as a struggle with its Tripoli-based rival for control of the central bank and the nation’s oil riches threatens a new round of conflict.