Libya shutdown helps to boost crude oil price

Crude headed for its longest run of gains this year as Libya’s biggest oil field suffered another outage while Russia signalled it is weighing an extension of Opec-led production cuts.

Futures gained for a fifth day in New York, adding to last week’s 3.2% gain following a US military strike on Syria. Libya’s Sharara field halted production just one week after reopening, with the National Oil Corporation declaring force majeure on exports, according to a copy of its decree obtained by Bloomberg.

In Russia, Energy Minister Alexander Novak said last week his ministry had been in talks with oil companies regarding the need to prolong the six-month deal with Opec.