Global oil prices increased during trading on Tuesday morning due to geopolitical tensions in the Middle East.
As of 7:03 a.m. Moscow time, the price for April futures of the North Sea Brent oil increased by 0.26 percent to $58.68 a barrel. WTI crude April futures gained 0.60 percent to $50.30 a barrel.
Analysts of Singapore’s United Overseas Bank said that the rise of oil prices is due to the geopolitical tensions in the Middle East, as oil supply might drop further amid the instability in Libya and Iraq.
Recently, Libya has been divided between two rival groups. As a result of the ongoing heavy fighting, several oil fields have been destroyed or taken over by the Islamic State.
Analysts report that due to the military conflict, oil production in Libya decreased from almost 1.5 million to 150 thousand barrel per day.
