Oil prices rise on fears of global supply disruption

Oil prices rose today, Aug. 29, amid concerns about global supply disruptions due to a production shutdown in eastern Libya helped offset a smaller-than-expected drop in US oil inventories last week. 

Brent crude was trading up 0.17% at $77.70 at 08:04 am Makkah time. WTI crude rose 0.21% to $74.68 a barrel. 

The climb came after both grades fell by more than 1% yesterday, after data issued by the US Energy Information Administration showed that oil inventories decreased by 800,000 barrels during the past week, compared to expectations of a decrease of 2.7 million barrels. 

This revived fears of a weak demand in the US, but the risks of disruption to global supplies as a result of measures to suspend or reduce production in fields east of Libya have helped raise oil prices.